sp'daily5
Summary
*so far today..
Draghi has announced...
Deposit rate: lowerered from 0.00 to -0.1%
From what I gather, that is the rate the ECB will charge banks for holding money.
Benchmark rate: lowerered from 0.25% to 0.15% - the headline interest rate.
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There are rumours of a QE program...but...I await the press conference at 8.30am EST.
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Update from the Permabull
Naturally, Oscar will be delighted that savers in the EU are going to get smacked even further. After all, a rising equity market is all that matters right?
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8.34am... sp +6pts..... market starting to break...with new policies announcement....
8.37am... German DAX hits 10000...first time.
sp +8pts....and climbing....
..all sorts of weird policy measures being announced....
sp' set to open around 1935... upper bollinger on daily AND weekly cycle...
At best..bulls could maybe hit 1945/50 on a Friday spike.
8.51am.. It would seem...
NO QE program, but market is pleased with another LTRO of $400bn or so
Metals are starting to move... gold +$13
9.04am... Equity bears need to keep in mind, there is sig' QE-pomo today....
I do NOT expect a reversal today....but perhaps tomorrow..from 1945/50.
9,18am.. sp +3pts..we've cooled a little, but still.. 1930s are due.