Markets Overnight Janet Yellen is The New Fed Chairman

WhiteHouseofficialsindicatedlastnightthatPresidentObamaissettoannounceJanetYellenasthenewFederalReserveChairmannominee?

SheisexpectedtobeconfirmedintheSenate?

Marketstookonabitofarisk-ontone,butverymutedincomparisontotherallyafterLarrySummerspulledoutoftherunning。

ObamaSettoAnnounceYellenasFedNomineeat3p。

m。

EDT?

Perhapsthemosttellingaspectoftheannouncementfromamarketperspectivewasthemutedreaction?

SPXfuturesareonlyhigherbyabout4points?

Infact,IlldiscussthesurprisingmovesinglobalassetpricesovernightinmyMacroWraptoday。

AsianEquityIndicesMostlyHigherAfterRedOpen?

DipStockbuyersbecamemoreaggressiveaftertheYellennews?

Japanwastheleader,up1%,whiletheHangSengunderperformed,down0。

65%?

TheemergingmarketstocksthatgothithardinlateSeptember(India,Indonesia,Thailand)havebeenmoreresilientthandevelopedmarketstocksinOctobersofar?

EuropeanStockIndicesSlightlyLower,Italy/SpainOutperform?

NMoresignsofaglobalpositionunwindinthepastmonth?

U。

S。

stockshaveunderperformed(andyesterdaysbashingofthetechleaderswasanothersignofpositioncleansing),whiletheoft-hatedItalian,Spanish,andEuropeanbankingstocks(allupatouchtoday)haveoutperformedinthepastmonth?

TheSX5Eisonlydown0。

1%,inatightrangesincetheopen?

U。

S。

DollarHigherAftertheYellenNews?

Inasurprisingshiftinovernightpriceaction,thedollarinitiallysoldoffvs。

mostmajorcurrencies,butquicklyreversedthatweakness?

Thedollarisnowhighervs。

theEuro,thePound,theYen,andtheCanadiandollar?

ThatsnotwhatmosttraderswouldhaveexpectedonanightwhenYellenwasannouncedasthenewnominee?

Certainlyacasewheretraderswereclearlylookingtosellthisnews。

CommoditiesMostlyLower,FOMCMinutesat2pmEDT?

Commoditieslikegold,copper,andoilhavealsobeenforsaledespitetheYellennews?

Allarelower,thoughnotbymuch?

TheFOMCMinuteswillbereleasedat2pm?