Markets await ECB decision, expect big bazooka

Pisani: Strange moves in China

Global markets are mostly down, awaiting the European Central Bank meeting Thursday. One thing is for sure: traders seem to be expecting a big bazooka from the ECB. They won't be content with $500 billion and out. Some want $1 trillion in bond buying. Others want unlimited liquidity, an open-ended quantitative easing program.

You can see this in the market reaction right after the open to a Dow Jones headline that the ECB was considering proposals for a one-year bond buying program of roughly 50 billion euros a month, which translates to about 600 billion euros a year.

The German stock market rallied, then dropped. The euro dropped, then rallied.

See? Many think 600 trillion as not enough.

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Regulators seem a bit anxious. Ewald Nowotny, an Austrian ECB member, was trying to talk everyone down when he said "One should not get overexcited about it."