NEW YORK ( TheStreet) -- Most people don't comprehend the significance of the new bank "bail-in" model of bank restructuring in Europe. Major bank runs are a serious threat.Therefore, you should have your trigger finger ready to sell. Obviously, that means European stocks and ETFs such as iShares MSCI Spain Capped Index Fund ( EWP), iShares MSCI Italy Index ( EWI) and iShares MSCI France Index ( EWQ). But it also includes U.S. stocks and ETFs such as SPDR S&P 500 ( SPY), SPDR Dow Jones Industrial Average ( DIA) and PowerShares QQQ ( QQQ) that will feel the impact of global turmoil emanating from Europe if bank runs start. Watch European interbank lending rates closely. A spike in these rates will be your signal to sell stocks globally and take profits. How should this affect your portfolio management? If bank runs are not triggered in Spain or elsewhere in southern Europe, perhaps not at all. In the absence of external shocks, I am bullish on the U.S. economy and markets, as I have written at Seeking Alpha.