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macro Profile| Send Message| (1,141)    By now, most people who
follow the market are probably acutely aware of the laundry list
of arguments that support the contention that stocks will likely
continue to sell-off over the coming weeks. Nearly three
quarters of the economic data released lately have come in below
expectations, both the Dow and the S&P 500 dropped below their
respective 50 day moving averages this week, the VIX broke above
its 50 day moving average Monday, the VIX/VXV term structure is
rapidly flattening out, and on and on.  What investors should
really be watching, however, is the situation in Spain. The fact
is, it is deteriorating faster than virtually anyone expected.
Yields on Spanish 10-year bonds jumped nearly 20 basis points
Tuesday and are now flirting with 6% - within shouting distance
of 7% - the level at which the country is effectively priced-out
of the market. As these yields rise, the underlying bonds lose
value, ca