The markets moved slightly up, but generally sideways today. Everybody is waiting on Janet Yellen's first testimony before Congress as Chair of the Federal Reserve, and that starts tomorrow. Unusually, there will also be speechs by other members of the Federal Reserve Board, and they are described to be "Hawks" or in other words, they are for a tighter fiscal policy than we have seen in the years since Quantitative Easing was implemented.
The feeling stands that Janet Yellen will be for a continuation of Tapering the QE3 program. The additions of the board members is likely to confirm that should it somehow not be transmitted clearly. That happened last year when the taper guessing started. Dallas Fed member Fisher recently already went as far as to say that he thought QE3 created more damage than good.
So that is where we are again around an 1800 plateau in the S&P 500. And everybody waits and watches the Sochi Winter Olympics again, replete with fake viral scandals. They have trouble with getting the numbers right, but it looks like a nice place, and likely ripe for a party after all the hours it took to create it from scratch. As it stands, Canada is leading the medals, but it is only a few days in. Women's and Men's Moguls and Short Track Speed Skating started the Gold. Lots more to go.
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