1. Violent protests in Spain
  2. The belief Spain won’t ask for aid until ‘the water is up to its neck’
  3. Apprehension ahead of Spain’s budget on Thursday
  4. Catalonia announces early elections, seen as referendum on independence
  5. Terrible Spanish budget numbers
  6. Caterpillar cuts profit estimates, says global outlook sluggish
  7. Fed’s Plosser said QE3 probably won’t be effective
  8. Skai News reports Greece won’t get aid until debt restructured (again)
  9. WSJ: Cyprus unlikely to get bailout from Russia

On top of that, the US economic news was better-than-expected but when risk didn’t improve, it was a signal to head for the exits.