US Equity Open Sparks Dumpfest In Stocks

While yesterday’s closing ramp was ‘triggered’ by The Fed hiking the size of its liquidity bailouts, it appears the US market open was all the algos needed to dump their overnight gains…

While there was no immediate catalyst (other than the huge size of liquidity demands suggesting there is something The Fed is not telling us), some suggested Mario Draghis’ farewell press conference was disappointingly un-dovish and topped off by him suggesting that “the ECB must be cautious in its communication to the broad public.”

Which sounds a lot like Juncker’s “when it’s serious, you have to lie” comment.