The ECB's move is "not as big a deal as it seems," TrendMacro CIO Donald Luskin wrote in a note, especially in light of Wednesday morning's announcement that the ECB had authorized Greece's central bank to use "Emergency Liquidity Assistance" for Greek banks as needed.

"If you put both of today's policy moves together, what it means is that the Greek government -- not the Eurosystem -- will be on the hook for the collateral. But there will still be a funding mechanism for the banks, in case there is a serious run on them. That's the important thing," Luskin wrote.

"The Chicago floors were unique social environments that I treasured," said Donald Luskin, who traded on the Chicago Board of Exchange in the early-1980s and would go on to become a respected and veteran investment officer with Wells Fargo and BlackRock. "They were ladders of opportunity through which completely noncredentialed new entrants could get up close and personal with high finance."

Like Luskin, many current and former members lamented the gritty environment of the floor that built not only careers, but life skills.

I'm saying that, five years from now, if you adjust for today's dollars, we're going to be between $15 and $40. That's been our forecast all along and it still is.

However, it takes time for technology to play out. Right now there are frackers who can produce a barrel of oil for $23 and there are frackers who can produce a barrel of oil for $90. Somewhere in between there is a fracker who can produce a barrel of oil for $50. Right now he's the one for whom there is just enough demand. So that's why the price is where it is.

Greek banks have for months been relying heavily on what is called "emergency liquidity assistance" from the European Central Bank for just more than 80 billion euros ($90 billion).

"It's a bit like printing euros for that one national bank," said Donald Luskin, chief investment officer at TrendMacro, who points out the loan comes at a higher interest rate since it's often backed by the flimsiest of notes. "But ELA doesn't come as an obligation or a risk of the Eurosystem."

"China's move highlights the fragility of the global economy, and the Fed is always inclined toward a 'safety first' attitude -- so in the absence of any compelling reason to hike rates, this will be just one more reason not to," Donald Luskin, chief investment officer at TrendMacro, told USA TODAY. "China's move will have repercussions that may take time to play out, including an implicit strengthening of the dollar that would tend to lower inflation. The Fed will want to play wait-and-see. They've waited almost seven years. Why not a couple more meetings?"

"We went three years, two months and 21 days without a 10% correction in the (S&P 500), says Don Luskin, market strategist at TrendMacro. "It was overdue. That doesn't make it a bear market."