The EU Sewing Circle as the Catalyst

The opening action didn't look good for my early hypothesis, but the ECB RUMOR (remember the ECB talked the market higher with no action at their meeting) this morning that there will be no rate caps set in bond buying (which is far from settled, ask anyone in Germany), was just what the market needed to get that short term move under way and with Draghi canceling his speaking engagement at the Jackson Hole symposium this Friday, dashing F_E_D QE hopes, all the market really needs is the counter rumor that ALWAYS comes, look for Germany to speak out soon, but for now, it did what we needed.

 The announcement and the move in the SPY and rest of the market are perfectly timed...

The QE sensitive GLD also moved, but it's not looking very good even on that move, in fact GLD is looking downright bad, Ill bring you charts soon.