SP 500 and NDX Futures Daily Charts - Mario Daquiri Spikes the PunchBowl, Or at Least Suggests It

The markets were relieved that the first look at Q2 US GDP looked good today (wink wink, nod nod) with such a tame chain deflator number. Especially after all the corporate earnings that betray a growing weakness in the real economy.

But the markets really took off intraday when Mario Draghi, Mr. I will Do Anything pledged to meet with the Bundesbank, presumably to lighten them up on the subject of inflating the currency and rigging the bond markets.

I've got a flask, and I am not afraid to pour it into the punchbowl and liven this snoratorium up. Capice?

Now, we don't know how seriously to take this. Maybe he has looked deeply into the abyss, and gotten a new form of conviction in the matter of a Bernanke like conversion.

But it is also possible that Mr. Draghi might have merely been helping a brother out, in the manner of LIBOR, you know what I mean?

"Yo, Mario. Could you loosen up and say something suggestive of an easing today? I've got these positions on and they're killing me.

Consider it done my good man."

We'll have to wait and see what is real and what is not.

Non-Farm Payrolls next week.