STOCKS NEWS EUROPE-Spain's IBEX on cusp of bullish 'golden cross'

Spain's benchmark stock index, the IBEX , is on the cusp oftriggering a bullish technical signal known as a 'golden cross' as its 50-daymoving average is less than 2 points below its 200-day average.

The golden cross - when the 50-day ma crosses above the 200-day ma - wouldconfirm the index's shift in medium-term momentum started in late July, atechnical signal used by a number of algorithmic trading programmes as anautomatic 'buy' trigger.

The IBEX has surged 33 percent since late July, when European Central Bankhead Mario Draghi said he was ready to do whatever it took to save the euro,later announcing a bond buying programme to cut the borrowing costs ofstruggling states such as Spain.

Reuters Messaging: blaise.robinson.thomsonreuters.com@reuters.net


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