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Bernanke/Draghi Market 'Put' Still There

Tuesday, 4 Sep 2012 | 4:22 PM ET
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Out of nowhere, stocks rallied late Tuesday afternoon. This, on a day when the August ISM was below expectations and the market had been in negative territory all day. \(Read more: Stocks End Mixed; FB Below $18, Apple Rallies\)

You can give any reason you want for the rally, but the bottom line is this: the Bernanke/Draghi put is providing support to the market.

There is clearly a concern that some kind of major program may be announced this week by the ECB. I find this unlikely, but the financial press and trading community have themselves in a frenzy about it.

They are convinced something big is coming. (Read more: ECB Bond-Buying Would Not Breach Rules: Draghi)

—By CNBC’s Bob Pisani

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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