When I’m in my sales role, I view every prospective client as falling into one of two broad baskets: those looking for a reason to say yes, and those looking for a reason to say no. I always try to focus on the former and spend little time on the latter. Likewise, last week’s market was dominated by those looking for a reason to sell. And so they did. Good news in the jobs and unemployment reports spooked investors on Friday, and stocks fell hard. So, for the moment we are back to a Fed-driven good-news-is-bad-news story line, or so it would seem.

Bulls have refused to let the market break down. Last week, the ECB’s Mario Draghi came to the rescue by pledging to do “whatever it takes” to support the euro, which launched a big rally to close the week. Still, investors have been eagerly anticipating an announcement of something more concrete, like some bold new action from the central banks, i.e., more global liquidity.