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Fed Chair Janet Yellen's prepared remarks confirm her previous stance that they will keep normalizing their policy stance (no matter what), bringing forward the timeline for unwinding the balance sheet, and adding that "rates won't have to rise much further to get to neutral." This seems like a 'dovish' tilt, and judging by the reaction in stocks (higher) and the dollar (lower) it agrees.
mind the head fake.. DXY reversed from oLOD, Bonds up.. mind the indexes morning gap.
Small caps on fire since the open, waiting for later when the Bloomberg chart of the most shorted index shows that the squeeze is on.
We have seen this playbook before. Yesterday they hit the VIX hard and now here we are with Fed testimony (like the chair is EVER going to say to Congress "none of you idiots are going to get re-elected because I am plunging us into a depression") and they squeeze the heck out of the shorts hoping to ignite animal spirits.
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News service recap said there was nothing new in Chair Yellen's speech. Twitter users are pointing ot that the financials have ignored this, so it is looking like an algo driven excuse to move the market. The big question remains, who will ask the stupidest question and will there be anything worthy of mockery by late night TV comedians ?
As we wait momentum has shifted to neutral and it is beginning to look rangey.
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Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.
Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.