You have to treat the intraday nuggets crossing the wires as just pieces of a larger puzzle and the final puzzle pieces won’t be available until late in the week.
The ECB is the key event, as the central bank may dramatically change course and take the lead role in dealing with the European debt crisis after allowing politicians to make a hash of things for the last three years.
A third bite at the QE apple from the Fed would be a footnote in importance compared to the potential earthquake this week in Frankfurt.
The US employment report is always a market mover, but the Fed will likely lay out a course of action on Wednesday suggesting another round of QE, or something like it, no later than the September meeting.
No matter how compelling a piece of data or info may be ahead of the ECB, keep positions smaller than normal until Draghi makes his case for the way forward.
