Initial Mario Reaction
Tim Knight | Dec 04, 2015 12:59AM ET
For understandable reasons, I woke up this morning even more anxious than usual, thanks to Mario Draghi and the threat of more “extraordinarily easing” measures. As I’m typing this, the market tumult is still in full swing, but the initial reaction on the EUR/USD wasn’t exactly what people were expecting:
In other words, this is one of the greatest examples of “sell the news” of all time, as the euro commenced its biggest rally in seven freakin’ years.
It isn’t clear right now who is going to win the day. ES and NQ initially tumbled, but at this moment, they are back to modest gains. With as many short positions as I’ve got, I remain haunted by the taunting sentiments of so many Slopers.
We’ll see. I’m going to go walk a subset of my dogs in the chilly morning air. Good luck to everyone. Actually, I don’t mean that. Good luck to the bears. There. That’s better.
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