MONDAY:  Not too much on the calendar this week other than lots of Federal Reserve Governors and Janet Yellen speaking, twice. Plenty of opportunity to try and interpret their intentions.

TUESDAY:     Everything was said to be held in abeyance until Janet Yellen’s congressional testimony today. The prepared remarks text will be released before thecomments, but shouldn’t hold any surprise. The circus may come after as a “rection panel” is convened, similar to a State of the Union response by the “other” side.

WEDNESDAY:  Yellen testifies again tomorrow, but history of Humphrey-Hawkins shows that impact, if any, rarely duplicates itself on second day and sometimes reverses direction.

THURSDAY:    Not much reason for pre-open sell-off and neither in line Jobless Claims nor weak Retail Sales pushed the needle too much, once released. Traders just don’t like snow.

FRIDAY:  No catalysts today expected as everyone digging out in advance of Monday’s market holiday

                                                                                                                                                  

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