ALSO ON THE WSJ: Spanish Bonds Show Strength, but the Haze Hasn't Lifted

Despite the cheer, the future is hazy for Spain, which is the crisis's next potential flash point. There is a broad consensus among investors that Spain will need to ask for aid next year, because it simply has too much debt to sell and not enough willing buyers. Betting on Spanish bonds is, in effect, betting that the future rescue will go smoothly and that Spain can generate growth to pay off what it owes.

Neither is a foregone conclusion.