Stubbornly high euro zone inflation data on Monday reinforced money market bets that the European Central Bank, under the direction of new chief Mario Draghi, will wait until December to cut interest rates. That sentiment was echoed by Keith McCullough, CEO of Hedgeye Risk Management.

Draghi, who takes office as the new ECB president on Tuesday, will hold his first meeting and press conference Thursday, and investors will be looking for signs that the ECB is considering cutting interest rates and that it will continue its program of buying the bonds of troubled eurozone nations, especially Italy and Spain.