In honor of Draghi's bold statement I am dusting off one of my favorite poems by Shelley to share with you this morning:
I met a traveller from an antique land
Who said: "Two vast and trunkless legs of stone
Stand in the desert. Near them on the sand,
Half sunk, a shattered visage lies, whose frown
And wrinkled lip and sneer of cold command
Tell that its sculptor well those passions read
Which yet survive, stamped on these lifeless things,
The hand that mocked them and the heart that fed.
And on the pedestal these words appear:
`My name is Ozymandias, King of Kings:
Look on my works, ye mighty, and despair!'
Nothing beside remains. Round the decay
Of that colossal wreck, boundless and bare,
The lone and level sands stretch far away".
Why did this particular poem spring to mind? Who can say? On to the markets.
I was talking this morning about the setup for a bounce and possible return to last week's highs. On the ES 60min chart we now have higher lows and highs from Tuesday's low and since I capped this chart ES has been as high as the 1355 area. Short term an uptrend is established and we'll see where that goes: