Financials remained weak, and retailers such as Kohl's, Target and Coach were down.
Large-cap tech did well, but the market's reaction to Intel's earnings was disappointing.
The 10-year U.S. note auction saw a bid to cover below 3.00.
TBT is breaking up an important moving average.
The 10-year U.S. note auction was so-so, with a bid to cover below 3.00 (compared to the last several auctions at over 3.20). Indirect or strong holders were at 42% vs. 45%.
Meantime, TBT is breaking up an important moving average.
I can't see the banking group making a sustained advance until there are signs of expanding loan demand.
Banks were mixed after JPM's results.
Confidence in the ultimate economic impact of QE 2 ("The Tepper Effect"), a zero-interest-rate policy for as far as the eye can see, reasonable valuations, the calendar trade (as investment managers are pressured to perform) and a nascent reallocation from fixed income into equities seem to be the reasons for the remarkable market ramp that began in early July.