It’s the bulls’ favorite broken record, more easing from the ECB:

“The (European) Treaty requires that our actions are both necessary and proportionate to fulfil our mandate and achieve our objective, which implies that the limits we establish on our tools are specific to the contingencies we face. If the crisis has shown anything, it is that we will use all the flexibility within our mandate to fulfill our mandate — and we will do so again to answer any challenges to price stability in the future…”

The euro’s response was minimal.But, Trump’s response was plenty loud.

Mario Draghi just announced more stimulus could come, which immediately dropped the Euro against the Dollar, making it unfairly easier for them to compete against the USA. They have been getting away with this for years, along with China and others.

You’d think that since S&P futures ramped nearly 20 points, he’d be pleased. Perhaps no one has explained how algos work.

More important than ES ramp job, the 10Y dropped through its former lows from Sep 2017, opening the door to our 17.45 target.We’ve seen many instances in the past where a Draghi-inspired ramp job fell apart shortly after the markets opened.  A strong move in the bond market, however, should not be ignored. Stay tuned.

continued for members…

Not much happening here yet.

Oil and gas continue to look vulnerable — though, remember, CL has a habit of ramping into the API inventory report on Tuesday afternoons.  It hasn’t closed above its SMA10 since May 21. VIX has, for the time being, broken down below its SMA50 and the falling white midline.  This is probably a head fake, but it merits close watching.Back to bonds for a moment… note that ZN has finally topped its former highs.  It has further to go, but that move might not happen all at once.  The more aggressive it is, the more it could impact stocks. And, on to stocks themselves…  If SPX and ES push through their .786s, the next stop is theoretically their .886s at 2928.44 and 2934.75 respectively. GLTA…