So just like that, Mario mentions he will do what ever necessary to save the euro, reminds me of BUBBLE ben bernanke and all the QEs hes thrown at the economy, always amusing to hear these people speak ways they will save markets. Just another amusing day, within a week they will be talking about more problems in europe and any gains today will be erased, take profits Mario Draghi Just Put a Floor in Market, Pros Say CNBCBy Lee Brodie | CNBC â 1 hour 19 minutes ago @cnbc on Twitter On Thursday pros quickly covered their short positions after unexpected comments from ECB President Mario Draghi changed the game. "This caught me completely off guard," admits esteemed investor Dennis Gartman on CNBC's Fast Money Halftime Report. Draghi pledged to do whatever necessary to save the euro. "And believe me, it will be enough," he said. "Immediately I sold some of my short positions," Gartman explains. "And after comments like that, you can't cover fast enough." Trader Stephanie Link agrees that developments are a problem for shorts. And she adds Draghi's commentary isn't the only bullish catalyst in the market. She reminds us that reports earlier in the week that suggested the Fed is closer to QE3. And China appears to be easing. All told, Link and the other traders believe there's a floor under the market. Link says the ways to play is to pick and choose best of breed names. "I added to my position in Schlumberger (SLB), established a new position in Wells Fargo (WFC) and bought Bristol Meyer (BMY). Trader Brian Kelly, founder of Shelter Harbor Capital, agrees but says the way to play is long US dividend payers. (Click here to go to Fast Money's Favorite Dividend Yielders) But he warns us not to get too aggressive, the road ahead remains bumpy. "Draghi may have put a floor under stocks but he hasn't solved the crisis." Trader Stephen Weiss, managing partner at Short Hills Capital, sides with Kelly. "You can buy stocks on this news," he admits. But he also says be prepared for a bit of a wild ride. "By making these comments Draghi has now set the bar very high. Now he needs some shock and awe." "He looked stern and resolute when he spoke," adds Gartman. "But I still have my doubts."
The markets acting like he solved the euro crisis or something... he's only said the same thing about 10 times already this market is a joke
There is no solving this worldwide financial crisis, BUBBLE ben bernanke has been trying for the last 5 years and he hasnt done anything worthwhile, of course just because the markets are up 100% off their lows they believe he did something great. Nothing is going work, let everyone believe more QE will do the job because it wont, the economy has become to dependent on these trillion dollar handouts that once its stopped will cause a major drop to all economies around the globe. QE3 will be hear shortly, just another way to prop up this worthless economy.
Dont worry, we all know he didnt come through the last 9 times he promised to take action, but THIS time he'll come through. The market is telling you he will, the market is telling you he will solve the euro crisis... the market is never wrong!
WOW ... big pop on zero substance. Don't you just love it when they talk it up and then over the weeks reality sells it down. These guys have big problems and yet they stay delusional. None of these countries are getting more competitive. It is like they don't understand that there is a reason they are losing. Like I said ... WOW!
Seriously, who needs earnings, positive guidance, improving margins or actually beating estimates ... we have Super Mario which said 45 days ago that Spanish banks will not need a bailout and then ask for one a week later or Bernanke, who said the housing collapse was contained in 2007 or that his policies over the last FOUR YEARS have worked. Futures still gapping up after hours they can't stop buying this market!!!!
Italians make good actors so he is the perfect man for this deceiving job. Just look at him, he is a clueless bureaucrat. I think he has no idea of what is happening.
But "He looked stern and resolute when he spoke" How can you not believe the guy! I think it was the resolute part that was good for 211 dow points... all in the world is ok now, no need to worry about a thing! BUY BUY BUY!!!
Its almost as good as Bernanke coming out and saying he is a bit "closer" to taking action rallying the market 150 pts... but not quite