The markets have dipped into the red on the heels of Yellen’s and other Fed officials testimony as well as surprise build in gasoline inventories of 2 million barrels, which seem to be taking center stage lately. Oil is up over 2% as the EIA inventory report showed U.S. crude inventories declined by 1.88 million barrels versus a 2.99 million barrel build to 502.7 million barrels total. There is also talk out of OPEC that the plan to freeze production will be detailed and released at their November meeting.

In Yellen’s testimony, she stressed that U.S. banks still remain challenged by low interest rates but are well capitalized.  As for raising rate, she said the fed does not have a “fixed timetable.” Gold is trading down as the dollar edges higher.

WTI November

Speaking of interest rates, in the most recent Treasury auction today $28 billion in 7 year notes were sold with a 1.389% yield. The 10 year is up to 1.5462% and the 30 year is relatively unchanged at 2.2659%.  Still a great time to buy or refinance (or re-refinance for many).

The markets are still above support levels with the Dow currently down 0.09% to 18211, the S&P500 down 0.15% to 2157, and the Nasdaq down 0.17% to 5297.  Energy is a bright spot in today’s trading while Financials, Health Care, Telecom Services, and Utilities lag.  On the NYSE, advancer lead decliners 1591/1303 and on the Nasdaq Advancer trail decliners 1211/1460.