Forget the Yellen Nomination, The Debt Ceiling is Coming

[youtube id=”jsZXLfJiYGM”]This morning, the S&P 500 Index e-mini futures (ES-Z3) are trading higher by 2.50 points to 1653.00 per contract. The big news today is the expected nomination of Janet Yellen for Federal Reserve chairman. She is expected to be very similar to Ben Bernanke as far as easy money policies go. In other words, she is extremely dovish. The markets are up ticking from the news, but this should be a short lived event as the approaching debt ceiling is the much bigger issue.