Ten days ago, when we were struggling to find the answer for the biggest March 1 rally in history, especially after abysmal economic data, we resorted to the following two Reuters headlines which made it all clear, first this:
Following in under two hours by this.
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Fast forward to today when in the aftermath of the ECB's announcement in which Draghi "pulled out all stops with rate cuts, stimulus boost", the market first soared then tumbled. Here is the "explanation" once again courtesy of Reuters:
And then, when the market U-turned, so did the "explanatory" narrative, as per this:
To summarize: Stocks soared when Mario Draghi "pulled out all the stops with rate cuts, stimulus boost", then promptly sank when "all the stops" were clearly not enough.
And now you "know" all there is to know.