NEW YORK (TheStreet) -- Federal Reserve Chair Janet Yellen created some nice volume in Tuesday trading with her semi-annual Humphrey-Hawkins testimony before Congress, although it was to the downside.
The S&P 500 Trust Series ETF's (SPY) volume came in at 111 million shares traded. That is the most volume since the down day on May 15.
The DJIA was the only index to finish in the green, up 5.26 points to 17060.68. The S&P 500 was down 3.82 points at 1973.28 while the Nasdaq finished lower by 24 points to 4416.39. The Russell 2000 was down by 11.81 points tp 1153.81 and is now down 1% for the year to date.
The Russell 2000 index is not getting much attention these days because of the outperformance of the other three major indexes. However, the Russell is the growth index and is another reason for my "growth slowing" theme in 2014.
Once again gold was down big on Tuesday and the SPDR Gold Trust (GLD) is now down 3.33% in two trading days. GLD is still not low enough for me to give it an oversold signal. If it's down in Wednesday trading GLD will then be in oversold territory.
The Nasdaq index did slip into oversold territory on Tuesday and, coupled with the Russell 2000 index, that is deep into oversold territory. We should see those indexes head higher in the near term.