Markets fought to a draw with sellers having a marginal edge ahead of Yellen's testimony on Wednesday. Investors were unwilling to place any big bets ahead of the Yellen testimony. With market sentiment similar to a quiet scene in a scary movie, you could almost hear the ominous music begin to play.
We do not know what Yellen will say on Wednesday other than try to placate the markets while convincing House members that the Fed is in control and they do not need to worry.
She will try and maintain the "will hike at a gradual pace" theme but probably suggest that while the March meeting is on the table, the Fed is not likely to hike in March.
How she phrases her commentary will determine how the market will react. I am not recommending any new plays today because market direction is equivalent to a coin toss. I would rather stand aside and invest my money when I have at least a general idea which way the market is going.
No new plays today!
NEW BULLISH Plays
No New Bullish Plays
NEW BEARISH Plays
No New Bearish Plays