S&P E-mini Futures:
Flat after being down all night.
Fed Chair Janet Yellen laid out her vision for a "high pressure" economy last Friday -- code for a "hotter" economy running with higher inflation. Reckless.
Best thing is that markets have thrown it in her face thus far.
USD hit a new rally high afterwards, oil fell, gold fell, equities fell, and rates held steady...and they're falling this morning.
So much for academic theories of managed markets.
JPY and CHF strength, potential Risk Off signal.
Higher prices post-Fed. Right in the Chair's face.
WTI crude hugging the flat line with NG lower.
Gold hugging the flat line too, along with silver and copper. Platinum and palladium lower.
Mixed bag of equity and bond weakness in Europe this morning after a mixed bag of weakness last night in Asia.
The S&P 500 closed below the 2134.72 2015 high on a weekly basis for the third time Friday after reaching 61.8% Fib resistance and reversing from it intraday.
Not good action, especially when the Fed Chair laid out a road map for a hot economy.
Still want to be long however, but not feeling all that great about it. Hard stop remains at 2114.72. Much below 2126.50 would probably see me bail early and look for a better re-entry signal.