Tuesday Market Wrap- Yellen The Analyst



For the day the SPX/DOW were mixed, and the NDX/NAZ were -0.45%. Bonds lost 3 ticks, Crude dropped $1.00, Gold slid $12, and the USD was higher. Short term support is at 1973 and 1956, with resistance at SPX 1986 and  2019.

Yellen screwed the pooch today as she channeled her best Alan Greenspan ( irrational exuberance) and said “some” stocks were over extended and maybe even a little bubble like.  She focused specifically on biotech and social stocks. The latter didn’t really get hit hard  compared to the former.

Biotech got crushed and many names in the sector were down over 5%. Once again the Russell 2000 was the worst performing sector.

We’ll see if this was a “one off” or not starting tomorrow. There are some biotechs that are getting very short term oversold, so maybe we will have a few chances to capitalize tomorrow.

Have a great night.



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