Friday could be challenging, since Her Nibs, Fed obfuscator-in-chief Janet Yellen, will be giving a speech on Sunday morning. According to a press release, she “will join People’s Bank of China Governor Zhou Xiaochuan, Bank of Japan Governor Haruhiko Kuroda, and European Central Bank Vice-President Vitor Constancio to speak on ‘The Global Economy: Prospects for Broad-Based Growth’ at the 32nd Annual G30 International Banking Seminar in Washington, with audience Q&A.” Nothing Yellen says, even a standard-issue rubber-chicken speech, is ever treated as a non-event, so don’t be surprised if stocks are preternaturally subdued on Friday in anticipation of this momentous event. We might even look for some nutty histrionics just ahead of the closing bell as traders place their bets.
Yellen’s Chance to Crap Up Your Weekend
- October 13, 2017, 12:23 pm
ZB Z7 Weekly 3 bars Morning Star Pattern in place.
The trigger of a lower higher yield and a lower low print on the contract last week suggest a low that may turn into a major low to the larger degree.
The market has created last week a 20 week higher low (Bull Kiss) a major support level and looking for the 148-00 to 150-00 level in the contract may no longer take place.
The 158-09 level is the 20-week high level, and also the 40-week high level, this may be an area, which a market panic ‘melt up’ in bonds is in place.
The slingshot price process is from the 158-09 high in 09/2017 to the recent low point of 151-07 this is a 6 handle hinge from the 158-09 level to the 164-00 level.
This suggests lower yields.
Central bankers face a crisis of confidence as models fail
https://www.ft.com/content/333b3406-acd5-11e7-beba-5521c713abf4
Have a great weekend Rick.