An interesting day to say the least. After the bearish comments from Draghi during the ECB meeting, one would think we would sell-off, but it must be back to the Bad is Good meme. Anyways, US data out today is starting to point to Taper-On, as ISM beats, and Bonds sell-off, taking the 10-Year to almost 3%, currently 2.984%. Market is well off the session highs, as the DOW struggles to stay green, along with S&P Futures (ES) which are up only .10 handles at 1653.50 with 675K minis traded. Gold continues its sell-off, currently at 1367/oz. CL (oil) is at 108.
Headlines from Draghi:
- DRAGHI SAYS OUTLOOK RISKS ARE TO THE DOWNSIDE
- DRAGHI SAYS UNEMPLOYMENT REMAINS HIGH
- DRAGHI SAYS ECB RATE TO STAY LOW FOR EXTENDED PERIOD OF TIME
VIX is currently down -.57% at 15.79, after opening at 16.12. Heavy volume so far this early in the morning. VIX Futures down small, .10-.15 across the board.