Waiting On Yellen

Friends

Traders are focused on Fed Chair Janet Yellen’s first Congressional testimony which will be coming up tomorrow and then again on Thursday. In the meantime it was a very quiet day of trading. We did not see any of the volatility that marked last week’s trading as stocks hovered around the breakeven mark for the entire session.

By the close, the Dow Jones Industrial Average was up 7 points to finish the day at 15,801. The S&P 500 was up 2 points to close at 1799. Gold was up $11 to trade at $1274 per ounce, while oil was mostly unchanged to trade at $99.94 per barrel WTI.

In addition to Ms. Yellen’s appearances this week, on the economic front we’ll get reports on retail sales, industrial production and consumer sentiment, as well as the weekly jobless claims number. Should Ms. Yellen reveal any new intentions with regards to the tapering process, volatility would likely return. Let’s see how the week unfolds.

Have a nice evening everyone.

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