Overall, I am neutral on Stocks, on the other hand, volatility is expected today.
Yellen’s comments could trigger multi-weeks price shift as we have seen this year.
Q2 GDP-Second Estimate came at 1.1% vs. 1.1% consensus. This is a weak number.
Consumer Price Index in Japan came at -0.4% vs. -0.4% consensus. Deflation in Japan continues This is likely to put more pressure on Bank of Japan Governor Kuroda and Prime Minister Abe to take more actions.
Our very, very short-term early stock market indicator is neutral, however it all depends on Yellen.