For all the talking heads who piled into oil, oil stocks, oil credit, oil tea-cosies, and oil-producer FX...
Well that really escalated quickly...
WTI Crude's biggest drop since Nov 28th 2014... after Jim Cramer said it "smelled like a bottom."
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Bit of Deja Vu all over again...
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As Energy stocks gave back a lot oftheir gains (but remain up over 4% on the week)
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But stocks did their best to ignore the "oil's up so everything's fine" narrative until Draghi...
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As it appears all that mattered was getting into the green YTD to prove how everything is awesome... they managed it until Draghi killed the dream...
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The Dow outperformed (adding 6 points on the day) as Visa and Disney added around 80 points to the index but we note the late day ramp after Buffet spoke...
- *BUFFETT SAYS TOUGH FOR FED TO RAISE RATES GIVEN WORLD EVENTS
which was then crushed by Draghi...
- *ECB SAYS IT LIFTS WAIVER ON GREEK GOVERNMENT DEBT AS COLLATERAL
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And Greek stocks were monkey-hammered
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Treasury yields traded in quite a wide range on the day looked like closing unch but Draghi sent them reeling lower (still up 10-13bps on the week)
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The EUR started to dump after Draghi's decision...
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Lifting the USD into the close...
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Crude roundtripped but USD strength was ignored as gold and silver limped higher on the day
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Summing up the day...
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Charts: Bloomberg