NEW YORK (Real Money) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.
This past week, Kass wrote about how the European Central Bank is jolting the markets and Monitise is looking more shaky.
Must Read: Warren Buffett's Top 10 Dividend Stocks
Please click here for information about subscribing to RealMoney Pro.
Markets Move on Draghi
Originally published on Thursday, Nov. 6, at 1:34 p.m. EST.
Thursday morning, European Central Bank President Mario Draghi presented no change in the ECB's interest rate targets. The main refinancing rate stood unchanged (0.05%), as did the marginal lending rate (0.3%) and the deposit rate (-0.2%).
In the press conference, he re-emphasized that the ECB is targeting the balance sheet at 2012 levels, the same thing he said in his Washington speech in October.
The markets took Draghi's comments as incrementally dovish, as the euro dropped, peripheral yields declined and equities have rallied from the morning's lows. The surprising statement was that, in light of the Bundesbank's objections, Draghi said the ECB was UNANIMOUS in stating that if more stimulus was needed it would come forth.
Bottom line, Draghi said nothing incremental or new that he hasn't said last month.
The markets seem to disagree.