What to do?

Portugal managed, thanks to the ECB (China & Japan) to place its 10 yr bonds this morning below  its self-imposed line in the sand, and a few basis points lower than the November auction.  Look at their 3 year placement, however, for the real risk/reward evaluationin Portuguese bonds: 5.4% (vs. 4% in Nov.).  So what to do?  Leverage means that timing is everything.  Spain has a bond auction tomorrow and next week, but earnings season, if its as expected, should see a rise in stocks.  Maybe the ECB has bought itself a little more time here?  Anyways, I think I jumped the gun a little bit here; i.e., I think I got in a bit early.  We'll see.