Robust overnight turnover characterized by steady selling which failed to takeout yesterday's $1341.10 low by a couple of ticks. If the pressure continues that number will get a few people's attention. Meanwhile back at the fact farm the GSR firmed slightly to ~58.30 (well within range); open interest rose sharply Friday by 13,000 (2%) contracts, a telling sign of new money for the first time recently and perhaps accountable on a squaring basis for some of this morning's activity; and RSI remains elevated but again eased off on the sharp selling. Turning back the clock ever so slightly: Yesterday's keynote speech by our newly minted Fed Vice-Chairperson (her first in this capacity) at the NABE annual bean-counting fest was rife with Greenspan-isms like, " We need macroprudential policy makers ready to take away the punch bowl when the party is getting out of hand". Just another regulator/policy maker speaking to a cheery audience of like-minded folk of whom I am willing to wager fewer than 5% have ever had to meet a bottom line. Today: Let's make a CNBC bobble-head assumption and assume that Yellen's speech on a newsless holiday got more resonance (I heard it on the BBC) than it deserved and turned her despised punch-bowl world red, so let's be satisfied if we drift at these levels with buyers waiting in the wings to make an appearance.
Disclosure: No positions mentioned