Knee Jerk Again

This is why I warn about the F_E_D knee jerk and increasingly so, any central bank initial statement or policy move, they are knee jerk reactions that are 90% of the time wrong and in Draghi's case, we've sen time after time, his jawboning rarely moves the market for more than a few hours to a day at most, this must be a new record..

 ES up on old news that the ECB will begin buying, market down on the only reality at this point, "Draghi will stay within mandate" because as we have pointed out hundreds of times, it would take essentially the equivalent of a constitutional change to alter the ECB's mandate and allow them to jump in to QE, which his peers clearly don't support as they threw him under the bus.


Since the open breadth has gone to a dark place -1500 on a straight downtrend.