Does Italy matter?  It does and will, for one day, or every day it pulls a rabbit from its hat . Last week when the Italian PM signaled his intention to resign, overseas markets took the uncertainty rather negatively. Next day portfolio spreadsheets, linked to real time data feed on our desktops, mostly showed red ink, unless someone had a net short exposure. But that is only short term, and frankly, can anyone who deals with stocks trade this market and hope to make a return? Not really unless we are managing a macro hedge fund, and even if that…