Yellen Nomination Rally Half-Life 90 Minutes

When Larry Summers stepped away from the nomination for Fed Chair, S&P 500 futures ramped vertically by over 20 points. The reaction to the nomination of Janet Yellen managed a limp 6 point surge in S&P futures. Worse still, it took 24 hours for the Summers-Out ramp to be cut in half… Yellen’s ‘ramp’ has already given back half of her gains in 90 minutes. It seems The White House needs change of narrative – or just another bargaining chip to piss the Republicans off – and judging by the “sudden” rip higher in AUDJPY, ‘someone’ is trying desperately to spark some momentum ignition… but for now – it’s not working. Timing is everything we guess.

 

Well that’s not very impressive is it?

 

Especially when compared to Summers-Out news…

It seems the market priced in the Queen of Doves in the run-up to the un-Taper.

 

But that’s not stopping the machines from trying their best to spark a rally…

 

Someone wants this Yellen nomination to be a big deal – they just chose a bad time to do it…

 

Someone really really really wants the US equity market higher – 3rd momentum ignition try tonight…

 

 

Charts: Bloomberg

    



Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.