Janet Yellen – The World’s “Very Special Aunt’
That was a very good reversal yesterday from the pre-market lows and very typical bull market behavior.
Janet Yellen has now become the world’s “very special aunt”; the one who always say’s the nicest things to you, gives you the best gifts, and you always look forward to seeing. The world markets very much like Janet Yellen and can’t wait until she visits again!
Markets are forward looking and I suspect that until Aunt Janet disappoints by not saying what they expect, the markets are now going to run up ahead of any public appearance she makes. I came into this industry in 1981 and anyone who goes back to that time has seen Volker, Greenspan, and Bernanke at work. All three were brilliant in their own right. Yellen though has a different almost special aura about her. We can only hope this aura remains for years to come.
For today the market is slightly overbought but in a bull market this can go on for some time. Any pullback should be seen as an opportunity to scale-into.
Have a great weekend!