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All eyes on Yellen as Fed watchers await testimony on Hill

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Why oil prices are not boiling over

Fed Chair Janet Yellen could keep the rally rolling Tuesday, but if there are any surprises, traders expect a violent reaction.

Fed watchers don't expect anything new from Yellen when she appears before the Senate Banking Committee at 10 a.m. ET in her first day of two days of economic testimony on Capitol Hill.

"It seems like the markets love her. Every time she talks, they go up. It almost makes me feel today's rise was a preemptive Yellen party," said Randy Frederick, managing director, trading and derivatives at Charles Schwab. "If she shows just a miniscule of hawkishness, the market will react negatively."