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Takeaway: European growth is still slowing. The Spanish IBEX is down -27% from its cycle high of 2015.

CRASHING: (S)pain Trade - Spain pain 

While not as sexy as a Brexit headline, the Spanish election is heating up (voting begins on June 26th). Investors should be weary. Polls show that left-wing parties could come close to a parliamentary majority.

Here's analysis via Hedgeye CEO Keith McCullough in a note sent to subscribers this morning:

"SPAIN – Brexit is newsier, but this Spanish Election (June 26) still matters – as does European #GrowthSlowing; Spain’s IBEX -0.15% after the 1-day bear market bounce remains in crash mode -27% from #TheCycle highs of 2015."