Ahead of the open, (26-07)

‘Longs’ may have dueled to a draw today, but you can still sense the nervousness of market possibly falling off a cliff.  A few more articles (like WSJ’s) overnight and everyone was trying to anticipate the policy makers next move to save such from occurring,  while limiting downside in the meantime.   Expectations definitely rose in the last 24hrs for action from the ECB &FED with Precious metals signalling such  'expectation' today. 

  

Positive to start the day was sov’ yields tightened, Euro rallied due to ECB Novotny'scomments,…“there are arguments to be made for the ESM to get a banking license”...  This took market by surprise, ECB talking about it shows they will get involved ‘if ‘ Spain/Italy were to lose market access.   Simply this is reassuring to the market although it would be weeks away.  

  

Although AAPL was the big story on Tuesday night, it was overshadowed by CB chatter today.

 

(Semi’s/ networking stocks had some good earnings, but nothing too exciting considering last week’s reports have surrendered their initial gains already).

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Morning update:  Pretty Strong ECB Draghi comments....

Eurozone more stronger than people anticipate and added that the ECB will do whatever is takes to preserve the euro (“ and believe me, it will be enough…EBC has power to defeat market speculation”).