Temporary Relief In Financial Sector?
Financial Sector carved out a lower high and lower low in June and has since suffered some ugly damage, although there appears to be some reprieve in mid-Aug to mid-Oct. Purely from a technical standpoint, this sector is likely to see some temporary relief as it printed a hammer at the lower end of the down trend channel.
As for the S&P 500, it has now carved out a lower high, with strong support at previous swing low of 1490. This is now an important level to watch for to determine if we have confirmed change in trend.
Mon: ISM Service Index, Fed Governor Mishkin and Korszner to speak
Notable earnings: ASEI, APC, CECO, WCG
Notable earnings: ADM, NILE, BMC, TAP, PZZA, JOE, WPI, CTSH, HLF, HOC, JEC, BTU, VLO
Wed: Non-Farm Productivity, Wholesale Inventories, Fed Governor Warsh to speak
Notable earnings: AIG, EGLE,FLR, FWLT, FTO, GM, HET, HLYS, MDR, RL, TRLG, TM
Thurs: ECB President Trichet to speak (after interest rate announcement), Fed President Bernanke to speak (about economic outlook)
Notable earnings: COGO, ENER,F, QCOM, STN, TBSI, TOL, URBN, DIS
Fri: Trade Balance, Consumer Sentiment
And by the way, day light savings has ended and we revert back to standard time on the first Sunday in November. Take note!