Her Nibs, Janet Yellen, Does It Again

by Rick Ackerman

The broad averages stalled yesterday, unsettled by the latest emanations from her nibs, Janet Yellen. Whatever it was that the world’s top dismal scientist told the World Affairs Council, it added yet another layer of ambiguity to a mildly hawkish monetary picture for the next month or two. Rick’s Picks had assumed, like everyone else, that the central bank would fake walking the walk with another token rate hike of 25 basis points. We still think that will happen, although the chances of any real tightening, even over the long haul, are down around zero. For now, however, we’ll stick with our very bullish technical forecast for the E-Mini S&Ps while staying close to the fire escape.

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