What Happened to the ECB's Bazooka? Euro Surges as European Stocks Clobbered!

Last January I wrote: 

My point is that these central bank policies to subsidize the stock markets via monetary policies, as shown by the experiences of Japan, China and Germany, have conspicuously been increasingly afflicted by the laws of diminishing returns. 

The narrowing windows of gains only punctuate on the risk of severe or dramatic downside ‘flight’ actions overtime. Yet central banks refuse to heed reality. But they continue to focus instead on the short term. The result should be the worsening of the unintended consequences from present day ‘rescue’ actions.

Last night, ECB's Super Mario launched the much awaited stock market bailout via the "bazooka".

The result?

Just what happened to the honeymoon?  The honeymoon didn't even lasted a day as Europe's stocks got crushed!  

US stocks marginally declined, although they bounced back from intraday deep losses.

And the euro rallied hard!

Could the Super Mario's bazooka have been a buy the rumor sell the news? Or could this have been a lagging effect, where the rally may happen later?

If the bazooka failed to whip up on the risk ON appetite, what's to keep global stocks up? The FOMC meeting next week, where the doves are expected to prevail?

Truly interesting developments.