In today's Traders Exclusive update, Tim Biggam discusses the impact of the ECB inaction on markets. This morning, Mario Draghi failed to satisfy the expectations of market participants who anticipated an announcement of quantitative easing out of the European Central Bank. Initially markets sold off on the news, but the effect has been muted to this point. Macro news is starting to dominate the headlines, as inflation fails to pick up and economic activity is slowing globally. Biggam anticipates consolidation in the price action and is selling call spreads on the SPY with that mind. Option order flow analysis showed a big trade in ANF yesterday, which may have signaled a tradeable bottom, so it presents an opportunity to sell put spreads.