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“The Party Is Over” for Housing — and Bank Earnings: Chris Whalen


Stocks were down midday Wednesday but, let’s face it, the market is holding up extremely well so far in the face of the government shutdown and looming debt-ceiling fight. That said, market watchers are increasingly concerned about recent weakness in the financial sector.

Using the Financial Select Sector SPDR (XLF) as a proxy, financials have underperformed the S&P 500 for the past 1- and 3-months, after outperforming in the prior 6-months, and 1- and 2-year timeframes.