sp'daily5
Summary
*sig' QE-pomo this morning...bears...beware!
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So..we have NIRP in the EU, but no QE program, with just another large LTRO.
Overall, the path is clear in the EU.
Eventually, the ECB will resort to buying bonds from the various EU states as a last ditch effort to stimulate growth/avoid recession....but not until the autumn, at which time we might have seen a multi-month down wave.
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*I remain content on the sidelines, and will see if we're 1945/50 tomorrow morning - which would be a far better level to launch an index short.
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10.19am.. I hold to earlier outlook....
QE will be kicking in soon....
I can NOT take these declines seriously.