Draghi Announced 4 Non Standard Measures at Presser, Speculators Given Pacifier and Now a Bit Less Sated

It’s all good again and for the upteempth time in the past week and a half we are ready to gap up. This time of course over that very annoying S&P 1265 which has provided resistance the past 3 sessions.

Some of these things at the Draghi press conference, were talked about the past few days such as easing collateral requirements, but per the usual the market is acting ‘surprised’. Reserve ratio was dropped from 2 to 1%…. 36 month loans (rather than 24 month loans expected) etc.

Back on the home front initial jobless claims fell to 381K which is almost at a level where one can get bullish on that angle (370K or below). Lowest reading since February.

“Risk On!” (ETN: ONN)

Update 8:52 AM – Draghi just said he was surprised that his comments re: fiscal compact (see previous post) had the market assuming there would be more bond buying post fiscal compacts… the market is not happy with that.

Also the rate cut was not unanimous. Futures selling back down on those comments…

“Risk Off!” (ETN: OFF) (at least for the next 2 minutes)

yes every word changes the whole complexion of things…. remember it’s the nonsense market, completely reliant on interventions.

About Mark Hanna 542 Articles

Affiliation: Hanna Capital, LLC

Mark Hanna is President and Owner of Hanna Capital, LLC, a registered investment advisory firm. Mark has been a follower of markets since the late 80s, with a focus on individual equities since the mid 90s. He has been a well known commentator in the financial blogosphere for the past 5 years, following a career in corpoporate finance and accounting. Mark attended the University of Michigan where he graduated with a degree in Economics.

As an avid reader, Market Montage is the personal blogging site for Mark to share his views on economics, markets, and the like. Occasional cynicism and wit shall be deployed in his postings.

Follow Mark on Twitter @fundmyfund.

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