The place to watch in the second half of this week was the ETF of regional bank KRE. It reached a new cycle low on the open at $41.28, but there was no follow-up and instead there was lower buying.
The thought, I assume, of dip buyers is that Yellen is meeting with financial regulators right now and there is the risk of further positive action this weekend. So far, the impact is tentative with the worst hit regional bank stocks up only around 2-3% and the ETF up 1.6%, but at least there is a floor in below them right now. The problem is that there could be a draw if the Treasury does not deliver.
Currently, the S&P 500 is down 10 points, or 0.2%, after dropping 30 points at the open.
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