ECB's Liquidity Fails to Spark Risk-Taking

Earlier I said that the EUR/USD looked like it was going to move the market, I didn't know what the news was, but it turned out to be a statement from the ECB that they would provide Cyprus liquidity "Within exiting Rules", which I think after the initial enthusiasm was taken more like the F_E_D's line, "Within the context of price stability".

You can tell exactly when the ECB statement was released...

 The EUR/USD saw an initial 61 pip gain in 5 minutes...

As for the market...

The SPY followed the Euro instantly.

However since then 3C intraday on ES has gone decidedly negative for now as ES pushes back below VWAP.

Nothing to see here, move along folks...