Well, the “big two events” of today are already complete, and the sun isn’t even up yet.
First off, OPEC has apparently amounted to a big fat nothing, which isn’t a huge surprised, since the nearly 70% explosion in crude oil prices since a few months ago have kind of calmed down the oil-producing nations. Thus, the oil market is selling off, since no deal or freeze is announced.
Also, the ECB made their announcement (which was nothing) and Mario Draghi is doing his press conference. Some quotes from audience members listening to Draghi tell the story: “He’s a total bore”…………….”It’s become embarrassing, he seems so irrelevant now’…………and “You could guess he was the kid in high school with no friends.” Actually, I just made those quotes up out of thin air, but I bet they’re true anyway. The ES is rolling its eyes.
I have a weird feeling the June 15 Fed announcement (one of the big ones – with a press conference and all the hoopla) will, in the end, turn out to be another complete fart in the wind, although I’m sure we’re all going to get quite worked up about it beforehand. But the days of central bankers causing violent buying in the market look to be over, since Mario simply won’t shut up about how they will “use all available tools” and “act” whenever needed, but no one on the planet gives a flying piece of monkey crap anymore. Mario is a feckless dork, and people are starting to realize it, after all these years.