One has to laugh: if stocks are selling off, then trot out the daily central banker headline urging to BTFD.
Sure enough, just as the market was about to roll over moments after today's abysmal housing data revisions were released, what happens? The usual central banker "verbal plunge protection", this time courtesy of ECB's Mario Draghi and the following Bloomberg headlines:
- DRAGHI CALLS FOR STIMULUS: CNBC
- DRAGHI SAYS JOINT EFFORT NEEDED TO AVOID RECESSION: CNBC
- DRAGHI SAYS INFLATION TO REMAIN LOW IN THE NEAR TERM
Next: algos headline scan "Draghi" and "Stimulus" and the rest is levitation history.
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