Disliked...if there was say a risk event last night in the EU or worldwide, Trichet may have fine-tuned/toned-down/negated his comments, and I still feel we could have easily gone down. 50-100 pips down isn't huge, especially to SM, and it just would delay their master bullish plan and offer another opportunity to reload - it happens all the time: we had a couple of 100 pip down days this week, and it threw many for a loop here - no one predicted it as a shakeout, and it cast huge doubt for many.Ignored
That, combined with the fact that supply was drying up (not completely, but reducing) makes me believe that even if Trichet had fine-tuned/toned-down/negated his comments as you mention, the market would have just moved sideways as opposed to down through support. In my opinion because of the reasons above nothing short of an interest rate reduction would have broken through that support, and based on the SM moves over the last few weeks, I'm cynically suggesting that they knew that wasn't even on the cards.
I'm very much in the SM knows things we don't camp - not quite area 51 conspiracy theory stuff but I believe they do their homework well
Blogging daily now at www.volume.zone