Global markets reeled overnight on news of slowing China growth. Bearish articles flowed into the US session and caused traders to trim risk positions. Draghi unveiled the ECB's new round of QE3 that will end in September of 2021 effectively putting in motion another 2 years of stimulus. Markets initially bounced but later crashed perhaps realizing that there is a huge problem in Europe if Draghi is willing to do this now,.
Markets await US NFP on Friday to provide another catalyst.