Not a pretty day
Yesterday we filled Tuesday’s gap lower. Today we filled Wednesday’s gap higher.
The S&P 500 is down 65 points to 3334, or 1.9%. It’s nearly 100 points from the highs of the day.
Looking at the euro, the climb on Lagarde’s comments was the ‘right’ trade, even if it didn’t change the fundamentals. It’s clear that stocks and sentiment are in charge here though and EUR/USD is now almost back to flat on the day, trading at 1.1817 from a high of 1.1917.