Bulls are betting that last week's Spanish budget proposals will be a preamble to a bailout request by Mariano Rajoy's government.

The move would be seen as a first step to get the finances of the euro zone's fourth-largest economy in order and would clear some of the market uncertainty regarding the euro zone crisis.

If we get some of the stars aligning and have Spain ask for a bailout, the ECB announcing favorable terms for that bailout, and if we see the Bank of Japan announce further monetary intervention we will all be dancing.

A lot of ifs of course.