To put this in perspective, the 27 strikes were “in the money” just a little over a month ago, but are now out of the money options after the recent drubbing that Spain has taken.

It remains to be seen if the European situation resolves itself going into the summer, or if we will have repeat of the summer of 2011 where tensions accelerated throughout August and spilled into the fall, finally capitulating in October and dragging equities significantly lower before a recovery took place.

iShares MSCI Spain

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