10am update - time for more Yellen

US equities open a little lower, but until we're back under sp'2100.. it is nothing for the equity bears to even get moderately excited about. Yellen is set to address the US congress for the next 2-3 hrs, and Mr Market will be closely listening. Gold opens +$4, but looks set to turn red. Oil is similarly losing early gains.


sp'60min

Summary

... so... here we go again....  another few hours of the CEO of Print central.

Time for a valium, wine.. or something.

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Notable weakness...

CHK, -10% on lousy earnings.

Seen on the bigger weekly chart... downside target zone remains 12/10.. by mid/late summer. I am a fan of the company..  but there looks to be very viable downside of a further 35/45%.

*the late summer looks to be 'shopping cart time' for a great many of the commodity related stocks (for those that think we rally in a hyper-bubble into 2017 or so).


10.36am.. Is it me.. or is Yellen starting to get annoyed?

VIX has been smacked lower... despite minor equity declines... to the 12s.


10.39am... Oh noes.... here she is...

Representing the American people

Train wreck TV.  The film 'still alice' comes to mind.

Pre-Market Brief

Good morning. Futures are fractionally lower, sp -1pt, we're set to open at 2114. Metals are holding moderate gains, Gold +$8. Oil is +0.9%. Yellen is set to offer more monetary spiel to the political class this morning at 10am.


sp'60min

Summary

Not much to add.

Mr Market will be listening to Yellen to speak to the US congress at 10am. The testimony will be the exact same... but the questions will probably be more mediocre and bizarre (not least from Maxine Waters).
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Notable early weakness, CHK -5.4% (earnings?)
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Hunter with Cahn, probably one of the most kooky guest he has ever had. There is all sorts of wild and crazy talk in this one...



As ever... make of that... what you will.

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Good wishes for Wednesday
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9.10am. Watching HPQ CEO Whitman on CNBC.... worse corporate leader (or should that be raider?) in modern history?

Market is not buying her nonsense talk.... HPQ -6.4%.. after earnings.

Daily Wrap

US equities saw another day of new highs, sp +5pts @ 2115. The two leaders - Trans/R2K, settled higher by 0.4% and 0.2% respectively. Near term outlook offers a retrace to the 50dma in the sp'2050s, but current price action does not suggest such a wave has even begun.


sp'daily5

Nasdaq, monthly, 20yr

Summary

*the Nasdaq Comp' is within 1% of hitting the giant psy' level of 5k. The March'2000 bubble high of 5132 is now within range for March.... although more likely April.
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So.. another set of new highs for the US equity market... and market appears in classic algo-bot melt mode. This could easily continue for some weeks. The only aspects that argue against that are a few individual stock charts (such as AAPL) that are clearly over-stretched... along with the R2K.

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UK - FTSE... new high.

As I have been droning on about for many months... the UK market looked set to finally break the Dec 1999 high of 6950... today... it did that... with an intra high of 6958.

For me, a monthly close in the 7000s will offer a straight run to 8500/9k before year end. The giant 10k threshold looks viable by spring 2016.
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Closing update from Riley


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Looking ahead

Wed' will be day'2 of the Yellen, this time addressing the US congress.

Data of note: New home sales, EIA oil report.
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Goodnight from London