So Spain got their bailout and as I hinted in the morning, the markets were concerned about the validity of the bailout. Well, those concerns seemed to build throughout the day and when the Apple developer conference turned out to be a yawner (although $999 Macbook Air's are going to FLY off the shelves) the markets sold off hard.
So once again, the rumor of a bailout proves to be more advantageous than the actual bailout. Well, that model should bode well for the markets (tongue in cheek commentary here) because Italy should be back in the news in short order. There are also rumblings of trouble in France again. If Spain was the "The Big ONE", France would be the L'enorme un, but I'm getting ahead of myself.
Other news of note:
* India warned that they could be the first of the BRIC countries to lose their investment grade status.
* Further evidence of a Chinese hard landing.
* Spain's private sector is still struggling despite today's news and without private sector reform.
Despite all of this gloom in the world there are many reasons to expect things to perk up for the rest of the month.
I'll try to touch on a few items in coming weeks.