The action today is pretty typical of what we often see prior to a three-day weekend. The overall tone of the action is positive, there are some "junk" small-caps actively trading and volume is light. It isn't particularly significant action, but the important thing is that the technical picture continues to develop in a positive way.
Don't forget that Janet Yellen is scheduled to make some comments this afternoon at 1.15 pm ET. The market is waiting to see if she is going to confirm all the recent hawkish comments from various Fed members.
Some market players believe that it is unlikely that she will offer anything significant at an award ceremony on a Friday afternoon before a holiday, when markets are trading very thinly. However, if she doesn't comment there may be the argument that it is tacit acceptance of the many comments by Fed members in the press.
Dr. Yellen is also scheduled to make a speech on June 6 in Philadelphia, which may be a more likely time for her to offer something that may be market-moving; still, even a subtle hint today will likely be market-moving.
The market has done a surprisingly good job of shrugging off the worries about an interest rate hike in June or July, but Janet Yellen could upset things very easily if she doesn't strike the right tone.
The bears are still waiting for the Fed to trigger some market downside, but even the potential for some rate hikes isn't doing it. So what will happen if Dr. Yellen is perceived as being more dovish than the recent comments from others?
I'm not doing too much today, but a few charts that are of interest are Weibo (WB), Neogenomics (NEO), Evolent Health (EVH) and Celator Pharmaceuticals (CPXX).