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.


sp'60min

VIX'60min

Summary

*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.
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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?
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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.

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

I suppose the skies are marginally more bearish than bullish.