In honor of Veterans Day the foreign exchange and interest rate pits in Chicago are going to be closed but the electronic platforms are up and running. There will still be plenty of quarterly earnings reports for the markets to analyze. Janet Yellen's confirmation hearings to be the first chairwoman of the Federal Reserve start on Thursday. After last Friday's positive data there are whispers that Big Daddy may start tapering as early as next month, so traders are going to be interested in how tumultuous the hearings are going to be. Any sign of a concerted effort to delay or stop the nomination might be enough to convince traders that the spigot is going to stay open through the end of the year.
Friday had some good data for the markets to digest. The Non-Farms number came in at 204K, much better than expectations- especially since the time period covered included the shutdown showdown. The news was good for the equities, +20.90 , left the energies to flounder up +.40 and gave precious metals a knock on the chin -23.9, as traders decided that Big Daddy may think it's time for last call. This week will have plenty of declarations and prognostications of things to come, trade wisely.