More Macro Action Ahead
It was another day of chaos brought to you by your friendly overseas central banker. Mario Draghi, who drove the Dow up nearly 500 points with his "whatever is needed" comments, was flagged for hyperbole (to use a polite term) and down we went. The market is still well above its levels of last Thursday, when Draghi first made his comments, but it needs some action to keep from slowly slipping back into the morass.
Helping to support the market is that both the Fed and the ECB are ready, willing and able to act. They just need a catalyst, and that could come at any time. In fact, the July jobs report that is due out tomorrow morning at 8.30 a.m. EDT may be the perfect trigger for the rollout of QE3....149 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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