Best of StockTwits: Sketches of SpainJune 11, 2012: 1:33 PM ET
bespokeinvest: Another "so much for that rally" week? Market needed all but 45 minutes to erase the weekend bailout euphoria
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
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.