The Euphoria is over.

All of the "risk" assets are quickly giving up much of their gains, which they saw in the wake of this weekend's Spanish bank bailout announcement.

The Dow Jones Industrial Average just went negative. Dow futures had indicated a much more robust rally, up as much as 140 points in overnight trading.

The euro had been above $1.260 earlier. Now it's below $1.25.

Spanish yields are now markedly higher.

As for European equities, the Italian market has gone negative. See the chart below.

Mostly the scene is still positive, but generally a lot less so, and there's buzz about there being a lot more restrictions and oversight on the bailout than originally thought. Dow Jones report that the "Troika" is back, and will be overseeing things. (The "Troika" is the European Central Bank, the International Monetary Fund, and the European Commission.)