Spain's Bailout - Good news for Two Hours(!). Italy Next...

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Well, that didn't take long.

The Spanish Bank bailout got announced, and the markets opened relatively well, and lasted for, well, two hours.

Thats it.

Two Hours!

I mean, this was the Big Gun™! Ok, maybe not the Big Gun™, but certainly a Big Gun™.
And it lasted two hours.
Sigh.
We're doomed, I tell you, doomed.
 In David Einhorn's now infamous chart (below), the cycles are getting shorter and shorter.  They didn't even get to the Champagne Party this time...

Also, it looks like now everyone is looking at Italy and (ominously) saying "Well?".  From Bloomberg
Italy’s 10-year bonds reversed early gains today in the first trading after the Spanish bailout and fell for a fourth day, sending the yield up 20 basis points to 5.98 percent.
Doomed...

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