Thursday, 16 July 2015

2pm update - time for more Yellen

Fed Chair Yellen is set to reel off yesterday's opening remarks again, this time to the US Senate. A Q & A will follow, and will likely stretch beyond the market close. Hourly equity/VIX cycles are offering weakness into the close, but chances of more rowdy Greeks.... low.




*Yellen is due at 2.30pm... I'd guess clown finance TV will cut away before the market close, but Mr Market will certainly be listening for any comments on interest rates.

Price structure on the equity hourly cycle is arguably a flat top, and bears need a daily close <2115 to offer any hope that the week will end on a negative note.

Maybe Yellen will say something stupid about rates and annoy the market?

notable weakness: coal miners, BTU -7.2%... as the sector continues to be destroyed.

Ford (F), -1.6%, struggling in the $14.50s.

INTC -1.2% in the $29.30s... and the bigger daily/weekly cycles are looking real ugly to the mid/low 20s by early October.

meanwhile...  warm... but grey in the big city....

I suppose the skies are marginally more bearish than bullish.