sp'daily5
Summary
*ECB announce rates unchanged.
Ironically, they announce they will announce 'further measures' at the press conf. at 8.30am EST
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Good wishes for Thursday trading
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8.37am... STILL waiting for the press conf...................
sp +9pts... 2041... above resistance... next level is the 50dma
8.40am... finally... Draghi appears... blaming broken elevators for the delay.. hmmm
8.43am... Unlike the US Fed... the way this is being announced is truly lame...
€60bn is the headline monthly purchase amount, but that includes the amount ALREADY being done.
Remember... the ECB are already buying junk from the banks.... I'm unsure of how much that amounts to.
In any case.. market on the rise... sp +18pts... we're set to open at 2050.
8.54am... a little chop... sp +10pts.... 2042... still..a clear break above resistance.
The SNB was the sign last week... but even more so... the EU monthly charts... but hey... those aren't important, right?
9.16am... A questioner trying to get Draghi to clarify the net balance sheet increase...
It would seem the €60bn is in addition to the existing QE of ABS (and other trash from the financials).
Still... its messy... the ECB has an appalling way of defining just what the hell they are doing.