Thank You, Mr. Draghi
Mario Draghi. That is all you need to know about the action this week. On Tuesday night, the market had suffered its third straight day of 100-point losses in the DJIA and it looked like it was only a matter of time before it cracked what fragile support remained. That set the stage for Mr. Draghi, the head of the European Central Bank, to announce on Wednesday morning that the bank would take whatever steps necessary to save the European Union.
The skeptics immediately questioned Draghi's ability to do this, but the talk immediately lit a fire under the market. The DJIA jumped 460 points over the next three days. There were a few good earnings reports but the move was primarily due to these rather vague comments combined with poorly positioned market players and some very active computer programs....222 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.