This morning the European Central Bank surprised the market by announcing lowered interest rates in combination with an anticipated launch of an asset backed purchase program. European bond yields are at extreme lows with negative yields in some places. S&P futures still hang around all-time highs, but Europe has yet to see the benefits of the easy money. Momentum names like FB, TSLA, and TWTR have run into some trouble since yesterday. Recommend selling out of the money call spreads into September on the momentum names here, positioning for an implied volatility pop. Yesterday AAPL showed some weakness and the recent rally does seem to be feeding on its own gas, but where the rally ends is anyone’s best guess.