Here's a quick guide to what traders are talking about right now

Via Dave Lutz at JonesTrading, here's a quick guide to what traders are talking about right now:

Good Morning! US Futures are starting today under some pressure, off 25bp and drifting near yesterday's lows as we await Janet Yellen's speech later today. London and Europe a mixed pictures as they come back from 4day weekend. The DAX is off small, with Tech and Discretionary taking the brunt of the selling, while the FTSE is climbing small as Insurers benefit from street upgrades. Travel stocks are mixed, with many airlines trading lower on EgyptAir Hijacking headers. Turnover is very light, with most exchanges trading 30-35% lower than average. Over in Asia, Japan struggled on the open as a number of stocks went ex-div but did crawl back to close off small as the Yen breaks down for 8th session in a row. Shanghai hit for 1.3% as Renminbi fixed stronger and fresh property curb headlines weighed, while Aussie lost 1.6% as banks were hammered down under. ANZ has lost nearly 10% in the last 2 sessions.

The DXY is reversing off 2week highs and Treasury Yields are coming under some pressure ahead of the Yellen speech - a chance to confirm or cool the more hawkish rhetoric from several of her colleagues over recent weeks, including Williams overnight. The 10YY is breaking thru yesterday's lows tho, as the Oil complex comes under pressure ahead of API inventory data later today with last week's build (3x anticipated) still weighs in traders memories - WTI is currently off 2%+. Most metals are weaker, led by 1%+ drops in zinc and Copper, while Gold is moving towards unch thanks to the falling greenback.

Ahead of us today, we get S&P/CaseShiller at 9, just ahead of the US Consumer Confidence Index at 10. The "Main Event" is the Yellen speech, which begins around 12:20. At 1 we get Fed's Kaplan speaking in Austin, TX, right when the US Treasury is auctioning off $34B in 5-Year Notes. At 2:30, Futures expiration for NYMEX Natural gas occurs at close of trading, and after the bell, tonight, we get API Inventories (Reuters looking for overall build of 3.2mln, Genscape draw of 400k from Cushing) at 4:30. Down in Washington, the House and Senate are not in session; SEC Chair Mary Jo White speaks at Mutual Fund Directors Forum's 2016 Policy Conference at 9:30, while President Obama delivers remarks at Natl Prescription Drug Abuse & Heroin Summit in Atlanta at 2:30. Eyes remain on Brazil, where PMBD is scheduled to have its national convention - focus on whether they stay in Rousseff's coalition.