Shares of the ISCI Spain Index Fund ETF (EWP) have been in a tailspin for the last two months, as depositors have withdrawn from major banks fearing for their cash. It is looking like Greece’s withdrawal from the Euro is almost certain, and Spain will be up as the weakest link after Greece withdraws.

The withdrawal of Greece from the Euro will probably have a domino effect, causing shares of Spain’s Index to tumble as well. However, in the short term, if regulators announce some sort of a guarantee for depositors, EWP could pop temporarily. I will be watching this closely as a possible short for the next few days.