Groundhog Day? Recall just 24

Groundhog Day?

Recall just 24 hours ago that futures were trading higher pre-market, indicating a gap up. The open”s gap up then extended to attack July 3”s highs. Then Yellen spoke. Bye-bye prior highs, see ya later gap up, hello morning plunge.

The drop ended by noon, and the afternoon traded flat-to-higher. Overnight action has improved again, retesting not only yesterday”s opening posture, but also attacking July 3”s actual high, all but touching it. All pre-open.

Yellen speaks again at 10:00 ET. The market will react to varying degrees depending upon whether she is simply asked about yesterday”s critique, or — if she doesn”t like the big middle finger the overnight rally is flashing at her pre-open — she may proactively double down on her comments and broaden the critique.

Perhaps the topic won”t come up, at all.

I focus on this, this morning, because I do believe that the next peak among speculative stocks will trigger a correction among MJ stocks, too. And a peak among speculative stocks doesn”t need Yellen”s help. A new high close today would alleviate the concern for a near-term correction through Friday”s expiration, or later.

We”ll do this morning”s Livedesk at 10:45 ET. I”ll send a reminder with the appropriate links. Meanwhile, look for my post-open observations in this post”s thread on the Activity Feed.

Enjoy!