Yellen Speaks – S&P (and USDJPY) Surge Above Key Technical Level

Yellen Speaks – S&P (and USDJPY) Surge Above Key Technical Level

Having decoupled entirely for almost 30 minutes after the Yellen testimony was released, USDJPY and the S&P 500 have now rejoined their delicate fun-durr-mentals-based dance. From the moment she started speaking, stocks began to rise. The S&P 500 cash index opened above 1,800 and has now surged back above the key 50-day moving average (thanks to USDJPY hitting 102.50). Bonds continued to leak higher in yield (5Y +5bps). Gold is surging off kneejerk lows (+$14 from post-Yellen lows). VIX is back under 14.5%. Nasdaq has now rallied back to unchanged for 2014.

Fun-durr-mentals…

Bonds holding losses but gold surging…

as Nasdaq rallies all the way back to unchanged in 2014…

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