Macro Morning

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by Chris Becker

The so-called plunge protection team (PPT) was out in force last night after more market jitters regarding the ECB’s hand waving but no real action, the continued scare about Ebola in the US, and a mixed dataset (good jobs, bad factory orders, etc).

As the ECB held its rate gun (and is still reluctant to use any real debt relief), stocks in Europe plunged wiping out all of 2014’s gains for the major bourses. There was a small recovery in post close futures trading, but this is looking ominous:

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