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Post: Thursday - Welcome to the big leagues Chairwoman Yellen. | Daily Delphi

BlogsPit Talk › Thursday - Welcome to the big leagues Chairwoman Yellen. March 20, 2014, 6:50 am

CALENDAR
7:30 AM CT
Initial Claims for 3/15
Prior 315K Forecast 330K
Continuing Claims for 3/08
Prior 2855K Forecast 2900K
9:00 AM CT
Existing Home sales for Feb
Prior 4.62M Forecast 4.55M
Philly Fed for March
Prior -6.3 Forecast 2.0
Leading Indicators for Feb
Prior 0.3% Forecast 0.2%

WEDNESDAY RECAP
The major averages ended in the red yesterday. The markets were trading flat to up slightly in early session trade but when Big Momma spoke everything changed. Even though the Fed policy statement tried to assure investors that interest rates would stay low far into the future, Yellen managed to rattle investors nerves by saying that rates would probably begin to rise about six months after the bond buying program ends. Did the dove really go hawkish that fast? You be the judge, rookie mistake or shrewd language from a seasoned Fed insider.

TODAY'S ACTION
Asian markets closed with losses and European markets are trending down in early morning trade. Look for more of the same in the US. The talking heads and soothsayers will be out en masse, prognosticating on what exactly Big Momma meant when she spoke those fateful words. It's hard to say what weak data might do today, probably not much. But strong data in either existing home sales or the Philly Fed report could actually set up a selloff in early trade. Trade wisely.


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