The bears continued their vengeance on the bulls following the lack of effort put forth by the ECB (European Central Bank) to solve its current debt crisis and save the euro. Mario Draghi, the man who cries wolf, said the ECB was prepared to buy Spanish and Italian debt bonds on the open market but would only do so after the eurozone governments activate the bailout funds to do the same.
Needless to say, this was just part of another plan of a plan to buy some time and the lack of specifics to save the euro was a huge disappointment for Wall Street. Not us, because we knew nothing would get done overnight no matter what the ECB said or did. We will skip the rest of the political rhetoric because it doesn’t matter to us, the market went lower. ( read more… )