What started off as another choppy ride in the markets last week, turned into another down draft following Fed Chairwoman Janet Yellen’s clear as mud testimony before the House Finance Committee midweek. Then on Friday, amid a flurry of upsized stock repurchase plans, insider buying disclosures and comments from the energy minister of OPEC member United Arab Emirates that fueled speculation on production cuts, we saw the sharp market rally. This combination of events and oil speculation that drove the market higher on Friday, likely resulted in a hefty amount of short covering along the way. Of course, despite Friday’s 2 percent rally in the S&P 500, that index as well as the other major market indices once again closed the week in the red.

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