USEFUL SPEAK / FED SPEAK

Jason Roney over at minyanville.com with some interesting observations on trading the first day of the month. He notes that the SPX has an up bias on the first day of the month and that bias increases when the last day of the prior month closes red. However, August is different with a 46.7% chance of being up, and when the last day of July is red, the first day of August was positive just 1/3 of the time. So just some fun fact to know as I plan the week.

Janet Yellen, the fed official had some great stuff this morning, "fund rates in roughly appropriate areas" and "automatically raising rates risks going to far." Also says "recent inflation news is disappointing" and she sees "core inflation likely declining in the medium term." Finally, " inflation gauge is above her comfort zone" best and most useful quote of all "energy costs are wild card." Great stuff, thanks JY.