Very difficult to call what will happen tonight re ECB...

Very difficult to call what will happen tonight re ECB announcement. I am inclined to think the downside risk is greater if Draghi disappoints, then the possible upside (much of which has been priced in), but not inclined to gamble on the outcome.

A bit of strength in resources today against the fundamentals suggests that shorts are also taking a bit of risk off the table perhaps in case of a "surprise" Chinese announcement. Don't think I'll be gambling on that either.

The Fed's effort last night was a bit like the Wizard of Oz being revealed. All that talk of stimulus WAS the stimulus. No doubt there will be plenty more talk in the coming month. When people stop believing in the omnipotence of central banks they will have nothing left. Except the BoC, of course - they're loaded - they just don't seem to know what to do with the money. Perhaps they should just give it back to American consumers, who would then use it to buy more Chinese made goods. Americans are good at spending, Chinese are good at making stuff. The role reversal experiment has been a failure.