Draghi sends the market ripping higher

That extra upside we were looking for, it look like Draghi just provided it, but will it hold? Only time will tell, but I get the feeling like all things European, this too shall pass shortly.

From Reuters:

"European Central Bank President Mario Draghi pledged on Thursday to do whatever was necessary to protect the euro zone from collapse, including fighting unreasonably high government borrowing costs.

"Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough," he told an investment conference in London.

"To the extent that the size of the sovereign premia (borrowing costs) hamper the functioning of the monetary policy transmission channels, they come within our mandate."

The effect so far...

 This shows ES ripping from 1329 to 1342, right now ES is at 1349.75

 The move higher in the Euro, which is market supportive.

And the move vs FX trading for the week... Quite a rip.

So it looks like we have our catalyst behind the recent short term accumulation in the market, lets see how long it holds.

On a personal note I hav an 8:30 appointment with my back Doctor, I should be home by the market open, but just so you know.

See you soon.