In a series of stunning market reversals, ECB president Mario Draghi’s “Shock and Awe” campaign quickly morphed into “Shock and Aw Shucks”.
Earlier this morning, Draghi pulled out a Bazooka Package that was supposed to sink the Euro and save the eurozone from the alleged evils of deflation.
Draghi’s plan worked for all of 15 minutes. The market then had second thoughts on the Euro, on gold, on the German stock market, and on equities in general.
Aw Shucks on the Euro
Aw Shucks on Gold
Aw Shucks on the German DAX
Aw Shucks on the S&P 500
That’s a new record for “Aw Shucks” following one of the biggest financial “Shock and Awe” expectations in history.
Mike “Mish” Shedlock