Post Yellen Market Update

Not much has changed since the pre-Yellen market update and the post Yellen market snapshot, this looks like a knee jerk reaction, if you actually go through the F_E_D's complete policy statement and accompanying charts, there was a modest hawkishness that Jon Hilsenrath of the WSJ was writing about and had published a mere 9 minutes after 2 p.m., of course that's because he has the information ahead of the announcement, just on embargo (that's probably worth quite a bit to quite a few people on Wall St.).

His take was similar, slightly more hawkish than the headline came off.

In any case, we'll get to that later, for now a snapshot of the market with the SPX finally breaking 1% which is not that impressive on a knee jerk move, the other averages are each consecutively about .25% lower (+0.75, +.50).

*I'm still using the fastest charts as they'd have the ability to reflect changes the fastest.

 DIA 1 min within the broader trend, which is interesting , but makes the specifics of today hard to see, so here's a closer view of the same chart on an intraday basis.

DIA, not confirmation, in fact it's a negative divegrence which would indicate selling in to price strength, the same idea we had about AAPL, PCLN, NFLX, IYT for this week.

 IWM 1 min

 QQQ 1 min not moving at all.

And SPY 1 min

I can't get my computer that captures charts to display futures information, but on my other systems, Es 1 min is in line, both NQ and TF are negative, I haven't had a chance to see how it has effected longer 5, 15, 30 min charts yet.

Miners keep climbing which is making me a bit nervous about that pullback considering NUGT gains. I'll look closer at that, GDX now up +2.36%

And take a look at the F_E_D's track record for forecasting 2014 GDP...

From 3.4-4% to just above 2%, Houston...!