Your MUST-READ Morning Stock Futures Cheat Sheet: Draghi on hold for now

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The Precise Take –  Draghi on hold for now

Big Picture Analysis – After a bit of disappointment from the ECB, the ES touched 1290 after poking just above 1300 in early trading.  This is the first test for the bulls, as they must overcome selling by prior trapped longs.  Above, 1315 is the next major target.  Risk remains to the downside, as this episode of Eurozone problems is far from over.  After Jon Hilsenrath’s leak yesterday evening regarding the prospects for further easing by the Fed, traders will be looking at today’s Beige Book at 2:00 pm, as well as several Fed governor speeches at 10:00 am, 2:15 pm and 3:30 pm.  EIA Petroleum Stats at 10:30 am is sometimes a market mover, but more so when crude is rallying.

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