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Since I have absolutely nothing new to say about the markets, I just thought I’d close out the day to briefly comment on the remarkable event at the end of Yellen’s speech, which many Slopers watched live and commented upon in this post. The speech itself wasn’t particularly exciting (to put it kindly), and Yellen actually has an oddly soothing voice which was lulling most of us into a gentle sleep. Very near the end of the speech, it was clear something was wrong. I thought she was missing the last page of her speech, or she had become very, very lost, and watching this real time, it was pretty surreal…….
I’ve got to scoot a little while before I write a post, so here’s a beautiful song for you. Please listen to it, particularly the lyrics. There is some very simple, truthful advice in it (and, on a side note, I honestly hope Janet is OK; she’s a fellow human, after all).
It seems people are really, really hung up on the fact that our Chief Oatmeal Cookie Baker is making a speech this afternoon. What’s she going to say? That she’s awaiting more data? That they’ll lift rates when it’s appropriate? Listen, people, they are never going to raise rates, and if the market gods smile upon me, her effect on the market will be little different than it was one week ago today, when she did her usual blather which sent the Dow into a 1,000 point tailspin. Look, I’m sure she’s a nice old lady. It’s just too bad she gets all this attention.
As for myself, I lightened up today (down from 170% committed to 125%, and down from 117 positions to just 88 shorts). I intend to crank it up ungodly aggressively next week. It was a good day overall, my portfolio pushing up 0.93% versus the overall market being down 0.29%.
SPX only made the 23.6% fib retracement of the falling wedge that broke up yesterday, forming a bear pennant/triangle from the falling wedge low that has broken down this morning. This kind of retracement is indicative of a strong trending move and suggests also that the falling wedge is evolving into a larger pattern, which I am cautiously assuming is a larger falling wedge.
If so then falling wedge is in the 1907 area at the time of writing, and declining at about 14 handles per day. If hit this morning that would coincide with decent support in the 1903-11 range and we might well see a strong bounce there.