If a stock market crashes and nobody reports on it, is it still a crash? Today’s ChOTD looks at the recent (and ongoing) carnage in Portugal’s PSI 200 stock index.

As of this morning, the PSI 20 is down around 24% from its April 2 high. And while it is finally getting some media pub today (thanks to global stock markets selling off), it had dropped 20% to yesterday with scant coverage. That’s pretty remarkable given that 20% “technically” denotes a bear market, for those into such labels. It’s a good lesson for macro types to keep one’s eye on all markets at all times. Typically, the next catalyst will come from a spot where the collective eyes are not focused.

The PIIGS are starting to squeal again.