Buzz & Banter
Taking a follow-up look at the BKX this AM: check the developing head and shoulders formation going back to mid-June. Neckline at about 850 so it's still just a developing situation, but one, given how important the banks have been to the rosy earnings picture and their weight within the SPX, we should keep a close eye on it.
Of note too, is the relative strength in the semis vs the banks; while the latter is getting hit more than the SPX, the former is far stronger than the NDX. A curious situation that we should keep a close eye on should it persist.
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