Daily Market Update – February 10, 2016 (9:00 AM)
Yesterday was another of those days that we’ve seen in 2016 where there was some strength heading into the closing that eliminated all or much of a large loss.
Most of the time, though, in 2016, that hasn’t translated itself into sustained gains. In fact, most of the time it hasn’t even translated itself into gains the next day.
Today may be different though as the futures were trading up by triple digits as a nation turned its lonely eyes to Janet Yellen, who was to give her mandated Congressional testimony today.
She hasn’t been heard from since the FOMC raised interest rates and a lot has happened since then, including questioning whether or not there really is data to have supported that initial rate hike.
The real question is whether the dovish Yellen will re-appear this morning.
That would likely send stocks much higher if she does show up with that persona.
The more hawkish Yellen hasn’t helped things even as her co-Chair, Stanley Fisher has been sounding more dulcet tones.
So we’ll see what today may yet bring as the S&P 500 is already 1.4% in the hole to begin the week.
I’m not expecting to do much on a personal trading level, but would be ecstatic at any opportunity that could arise during the course of the day.