FOMC: Still Tone Deaf

Futures were unimpressed with Yellen’s prepared remarks this morning, with ES paring 16 points from its overnight highs.   2016-02-10 ES 5 0615Still, we would all do well to remember that “markets” can do some awfully strange things on Fed testimony days.  Traders won’t like Janet’s lack of capitulation on rate rises.

But, indices often rise on these days as algos go into overdrive to maintain the illusion that all is well and the FOMC doesn’t, as a matter of policy, ever make mistakes.

Case in point: the focus of yesterday’s post — the Nikkei futures — dipped well below the key TL from 2013, but have since rebounded exactly to the neckline.2016-02-10 NKD v SPX daily 0600continued for members


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