Buzz & Banter
Coupla observations: the banks constitute the largest portion of the SPX (something like 21% I believe). Bernanke states yesterday that: "the U.S. banking system is highly profitable and well-capitalized and has managed credit risk over the latest cycle exceptionally well." The BKX is right at major resistance from the Spring of 2002.
And finally, for you short termers out there, a possible head and shoulders top forming (6/17 left, 7/14 head, around here right)? Let's keep an eye on this complex; they are powering both the stock market (leadership, weight) and earnings (EPS for Q2 up 10.9% y/y in total. When you strip out the financials, EPS are up just 2%).
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