Good morning. It’s Yellen day and without question, it is going to be a tough day to trade. The BOJ did just enough to keep the bears from showing their teeth this morning but let’s keep in mind the market has now gapped up 4 days in a row only to sell off the rest of the day. Fool me once shame on you, fool me twice, Shame on Me!

At 10:30 eastern time will get oil numbers and that has proven to move the market in the past. At 2 PM we will finally hear from the Fed with the press conference at 2:30. Expect some very wild price action right after the news with some very big whipsaws in just a few minutes.

I will likely sit on my hands most of the day if not all. Trading the news is the domain of the big boys so it’s better to stand aside and let them duke it out. We will enter after it calms down and a directional decision has been made.

Trade Wisely,

Doug

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