Euro Bailout Fatigue

Judging by the market's response to the latest European bailout, the one associated with Germany supposedly 'folding' on austerity and being beaten down by her broke neighbors, and which according to the chart below had a half-life of one full day; the market has already priced in all the news and is now praying for more monetary morphine from the ECB and BOE this week. It will almost certainly get those. Then what: a half life of 12 hours? 6 hours? Or zero (and will Torres come on with 45 minutes to the close to save the day?)

Spanish and Italian sovereign bond spreads have retraced well over a third of their knee-jerk rally on the bailout. Although they still trade 40-50bps tighter, their yields/spreads remain at extremely concerning and unsustainable levels clearly implying the market's lack of trust in either implementation or substance of the latest bailout. 

Even stocks can't hold their gains...