Thrilling Thursday – Is That It?

That markets have done nothing but go up since Mario Draghi promised to do "whatever it takes" to save the Euro (and, coincidentally, his phony baloney job).  Since July, we have had plenty of rumors and whispers and promises and denials but, what we haven't gotten – is an actual commitment.  

Well, today is the day – or it better be – when we finally get "THE PLAN" that will save the Euro and the European Union and re-employ the 12% of Europeans who are jobless and stop their debt to GDP ratios from going over 100% and turn around their faltering manufacturing base and boost exports and lower bond rates and fill in banks' balance sheets….  I can't wait!!!  

If you've been reading Philstockworld lately, you may have noticed we're a bit skeptical of Draghi's ability to actually fix things.  Nonetheless, yesterday I suggested a couple of aggressive upside plays because it doesn't matter if Draghi actually fixes things – only that people believe he can – that will be enough for a short-term boost.  Clearly the market needs a boost because, as you can see from Springheel Jack's S&P chart – we're pretty screwed if we break down from here:  

As we have noted for quite a while, "THEY" have pulled out all the stops to prevent this market from going down but there's only so many tricks you can pull and the past two weeks we've seen a real deterioration in the ability of the bulls to maintain those daily pre-market run-ups and, as noted in yesterday's post, for the past two months, On-Balance Volume has widely diverged from the S&P print, as more and more "smart" money heads for the exits – even as the MSM continues to herd the sheeple in for the slaughter.  

IN PROGRESS