Weekly Trading Outlook Feb 8: FOMC Yellen testimony plus Disney and Tesla earnings in focus

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Last week there was a major sea change in sentiment toward USD which fell off a cliff on the growing realization that last year’s big advance has priced in a much more aggressively hawkish Fed than we are likely to actually see. A number of Fed governors have taken a more dovish tone although there remains a sizeable hawkish faction. By the end of last week, many currencies including gold had become overextended and due for a short term correction. This week’s comments to Congress from Fed Chair Yellen could have a big impact on Fed expectations and currency trading.

It’s also a big week for earnings reports particularly from the technology and entertainment sectors. Friday’s 40% plunge in LinkedIn and 30% nosedive in Lion’s Gate shows that there remains a lot of attention on both sectors and that even though the recent market selloff has eased back expectations, shortfalls could still be punished severely. Top names in focus this week include Walt Disney and Time Warner in entertainment plus Twitter and Tesla in technology.

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