Wow, Uncle Draghi lowered rates from 0.15% to 0.05%!
Here is the world five years into what has become one of the largest rallies ever (I still think it's a complete mirage) and yet European banks, financial institutions, and sovereign nations still require a helping hand.
Beyond pathetic, it's dangerous.
Predictably, Draghi's decision has goosed futures. Yesterday I was waiting for the S&P to get above 2001.81 to buy some SPY 200 calls. That shouldn't be problem at the open, though I will probably wait a bit for the calls to let things settle in.
2014.18 and 2030 are still levels of keen interest to me.
Below, there is still the 1988-1990 level that may or may not get retested but that should provide support. That area is my new rough stop. Rough meaning not exact, and that things could get rough should the market get much below it.