Tricky Tuesday – Tell Us About It Janet!

Yellen speaks at 11:30.

That's all you need to know for the day.  Williams already failed to boost the Futures at 5:15, when he gave a speech on monetary policy in Singapore when the generally doveish Fed head said

“Despite recent financial market volatility, my overall outlook for both the U.S. and the global economy remains largely unchanged over the past few months.  We took the first small step with a modest rate hike in December, and the future pace will be, as we’ve said repeatedly, gradual and thoughtful.”

“I see continued growth in the U.S., and I don’t see the global situation as dire,” Williams said. “The ability of governments and central banks to respond to their own needs while navigating global conditions may not be a miracle cure, but it offers stability.”

Things were already off to a rough start this morning as China's Shanghai Composite Index fell back below 3,000 and Oil Futures dropped back to $38.50 (/CL), where we like playing them long for a bounce with tight stops below that line.  Just getting back to $39 would be good for $500 per contract – more than enough to pay for our breakfast!