Yellen Saves the Day….Again

Subscriber post.

The stock market spent the first half of the Wednesday session in the red, but surged into the green following the latest policy statement from the FOMC. The S&P 500 settled higher by 1.2% with all ten sectors ending in the green.Good action.

Janet Yellen went from job worries to the lack of inflation as her most important data point. Ultimately she will review rainbow unicorns and leprechauns as her justification for low rates. It is what it is and she wont have the market crash on her watch.  She’s adorable and we love her.

I said to you in a blog post the other night that Yellen couldn’t look at America with a straight face and say things are good.  She KNOWS the job numbers are smoke and mirrors, wages stink, and labor participation is in the wood chipper.

I’ve been trading since the early 80’s and I have never seen anything like this. Its all fed dependent and the Fed is completely data dependent. Until the economy improves, rates stay low. As I’ve been saying for a while, and you regular readers know it, dips are buys until they are not.

We saw a good follow through in ESPR  today, so I took another 1/3 off for $40 points and 59.0%. ESPR was about a 2 week hold. Good for us.

I also covered the FCX short for +6.6% and I closed MYL for +15.5%.

See you in the morning.


Previous Post
Big Market Day-What Will Yellen Say?
Next Post
Biotech Is Having An Outer Body Experience

Recent Articles