What's priced in

The market has priced in some additional ECB quantitative easing but not enough, according to Goldman Sachs.

"The market is currently discounting around 100-150 EURbn of additional ECB sovereign purchases since Sintra," they wrote in a note. "We ultimately expect the ECB to exceed these expectations at the September meeting."

They think that's only half of what's coming with 200-250B possible in a September announcement.

The pricing comes from the rates market and think there is room for more upside in Spanish and Portuguese bonds, and in Italy "for the brave."