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Best of StockTwits: Sketches of Spain

June 11, 2012: 1:33 PM ET

Spain's request for bank bailout funds excited investors for a little while. But the enthusiasm faded faster than you can say Rafa Nadal.

bespokeinvest: Another "so much for that rally" week? Market needed all but 45 minutes to erase the weekend bailout euphoria

bradloncar: Color me skeptical, but I don't see how Spain itself doesn't end up needing a bailout as well. $EWP

The market clearly is not impressed. Spanish bond yields went on a wild see-saw ride, falling back toward 6% in early morning trading and then surging to about 6.5%. And the iShares MSCI Spain Index Fund (EWP) ETF quickly dipped into negative territory, as did U.S.-listed shares of Spanish banks Santander (STD) and BBVA (BBVA).

On the bright side for Santander, it will be changing its ticker symbol later this week on the NYSE from STD to SAN. So it will no longer be necessary for me to refer to the bank as having the most unfortunate ticker symbol out there, particularly since Spanish banks and contagion are often mentioned in the same sentence.

BamaTrader: Moreover, the deal over the weekend in no way will slow down the financial counter-party disaster that not only continues, but grows

ldrogen: Italy is on the hook for 22% of the Spanish bailout? Oh lord $EWP $EWI

That is what is truly scary about the European debt crisis. Problems in Spain could hurt Italy further. And we still don't know just what type of exposure large European and U.S. banks have to credit default swaps. This may not be Lehman Brothers all over again. But it may be wishful thinking to dismiss concerns about the PIIGS by saying they are already priced into currencies, bonds and bank stocks.

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Paul Lamonica
Paul R. La Monica
Assistant Managing Editor, CNNMoney

Paul R. La Monica is an assistant managing editor at CNNMoney. He is the author of the site's daily column, The Buzz, and also tweets throughout the day about the markets and economy @LaMonicaBuzz. La Monica also oversees the site's economic, markets and technology coverage.

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