Aussie market pulled back hard on lack of ECB move on stimulus before recovering some of the losses through the day. Mario Draghi did what he does well, talk well and deliver minimum but the market wanted more. The market is like a spoilt child that has been given too many sweets for so long that when someone does not deliver more than needed, the market has a tantrum. ECB are going to continue to drag out the QE over another 2-3 years, if not longer, but they want to approach it in a gradual upgrade phase instead of throwing everything out there in one step. Payroll data should further confirm the US Fed will move while OPEC most likely to keep the oversupply going till they can get the new suppliers like Iraq into an agreement. Despite recent profit taking, it still looks like we will continue to Christmas rally similar to last year!!! (VIEW LINK)


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James Marlay

nice chart Mathan