It’s a relatively quiet morning, with the financial news outlets still digesting and re-digesting the non-event of Yellen’s Friday speech. In spite of all the hoopla, I suspect September will come and go without a rate hike… and the FOMC will say they need more data… and people will act surprised.

I was hoping the ES would finally slip beneath its 2166 level last night, but in spite of a few dips into the red, it’s green again. Lately, the Russell in particular has the peculiar habit of rocketing higher in the morning, only to have the rally fizzle out, often within the first half hour. We shall see. As it is now, though, the bulls remain large and in charge.

There’s a flicker of ursine hope in oil-land, however, as we are down about 1.25% as I am typing this. Energy remains my most concentrated sector of shorts, although I’ll be the first to admit the crude oil graph itself is rather inscrutable at the moment.