ECB head Mario Draghi set the tone for markets early. It was hoped he would not only lower interest rates, (which he did) but more importantly to bulls would be buying vast sums of euro bonds as a bailout (which he did not). Stock markets went straight down from there.

Reporters have been given press passes which will remain good through the weekend for any eurozone announcement. This should indicate a long weekend for hopeful investors.

Rumors and/or trial balloons continue to swirl regarding a variety of solutions. One was that the ESM bailout fund would be given a banking license which might include a large euro Kinko franchise. As quickly as that rose, it was shot down. Other planted stories were well outlined by the WSJ here.

After Draghi's press conference, the euro went south as did gold due to the euro. But some might be the news via the Deutsche Boerse that the BIS, BOE and Fed were in the market selling it.

Stocks fell sharply across the board wiping out the week's hard won gains. Financials took the worst hit which is understandable given bank exposure and eurozone disarray.

With the dollar higher commodities were sold hard while bonds rallied on safe-haven flight.

Lost in the shuffle were good Jobless Claims which came in at a 9 month low despite consistent upward revisions to previous reports.

Let's not forget it's not just the eurozone that is battling debt problems, the U.S. has plenty of its own as noted in the chart below.

Volume rose as stop losses were hit and investors moved to the sidelines. Breadth per the WSJ was quite negative.

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