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Takeaway: It's a big, stinky mess in France and the rest of Europe. It's not going to get better any time soon.

In case you missed it ... France officially joined the laundry list of crashing equity market casualties this morning.

Some brief analysis from Hedgeye CEO Keith McCullough in a note sent to subscribers earlier this morning:

"European stocks had their bear market bounce last wk (EuroStoxx600 +3.2% on the wk), but have given back a large % of those gains already this week and mostly remain in crash mode, with France’s CAC40 re-entering that risk zone at -1.7% this am (-20.5% from the 2015 Global Equity #Bubble high); Spain -2% to -32% from its 2015 cycle high."

Vive la France! (Well, Not So Much) - Stocks crash test dummies cartoon 02.18.2016

 To be clear, we don't believe the worst is over. Not only in France, but across Europe.