Today is that day when Janet Yellen is going to speak at the FED’s Annual Symposium in Jackson Holeon the Labor Market. European Central Bank President Mario Draghi is also expected to speak later today. Will he be able to move the market? Market analysts think that today Janet Yellen has more power to move the market as compared to Draghi who is trying to stop Euro Zone getting more economically weak. Fed Chair Janet Yellen could be the one to kick the S&P 500 across the 2,000 mark.
Yellen speaks at the Fed’s annual Jackson Hole symposium at 10 a.m. EST Friday, in a speech that’s been anticipated for weeks and was widely expected to be typically dovish. However, since Wednesday, traders have been wondering if she would sound more like the Fed’s hawkish July meeting minutes or her normal dovish self.
Today the market’s can become highly volatile. It will be a good idea to close all the open trades and watch how the market reacts. On Monday you can again reopen the trades. Right now it is not known whether Janet Yellen is going to give a hawkish tone or a dovish one during her speech. So the market can move both ways. Prudence is the better part of valour.