Then the auction data came out, just after 5:15 AM ET, and the uptake was very high: 489 EUR billion, well above most estimates.

Equitieis initially shot up on the news, with Italy's FTSE MIB gaining 2% on the day at one point.

But the euphoria has worn off. Now markets are lower than they were pre-action (though still higher) and sovereign yields are higher across the board in Spain, Italy and so on. This seems to be a classic sell-the-news type situation.