a 3.5% one-day drop in the S&P 500, the market suffered another 2% decline, triggered by a Mortgage Bankers Association (MBA) report of an increase in subprime and prime delinquencies. All 10 sectors in the S&P 500 took a hit on March 13, with the S&P 500 financials sector down themost on the day (-3%). All that is not likely over? From a technical perspective, Mark Arbeter, S&P’s chief technical strategist believes the S&P 500 financials index has broken down on an intermediate term basis on very heavy volume, and appears headed for a test of long-term support just 1% below current prices. Near-term investor sentiment in this sector has been hurt by concerns in the subprime mortgage market. Opportunities are seen in higher-quality banks.
WB BAC C See also previous posts in Financials.
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