Financials Update
· Sector is notably weak as Chinese economic concerns and poor Consumer Confidence hit markets worldwide. Technical levels continue to break and are leading to further to concern. Volumes are heavy across the board on this sell-off. Overall, we're slightly better for sale on the desk as buyers seem afriad to jump in front of the train. Flows are showing heavy supply from the long-only community and HFs pressing shorts they laid out into strength on Friday. Looking ahead, the calendar is full. Today, expect a House vote on financial reform. Tomorrow, expect the Spanish cajas to present their consolidation plan and for the FCIC to start a two-day hearing on derivatives with guest-stars from AIG and GS. Thursday we should expect a Senate vote and a $3B Spanish debt offering. And of course, on Friday, the infamous Non-Farm Payrolls.
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