European Central Bank President Mario Draghi gave the markets another example of his extraordinary ability Thursday with, according to TheStreet's Jim Cramer, a deftly-handled announcement of the tapering of the Bank's quantitative easing program. The hawkish headlines of a halving of the pace of government bond purchases, to €30 billion a month, were expertly offset by a series of dovish commitments that pushed the euro to a near three-week low against the U.S. dollar and lower government borrowing costs in Italy and around the currency area.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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