Financials help S&P to new highs

Index & Sector performance 8/21/14

The Market:

The 4 major indices drifted higher in today’s session but not by much and all on lower volume which has been a trend.

Mixed bag across the individual sectors but the clear winner was the Financials (XLF) finishing the day up 1.18%.  The big standout in the sector was Bank of America (BAC) which finished the day up over 4% and looks poised for a run back to the March 2014 highs of $18.  If BAC is indeed in rally mode we would expect today’s lows to not be breached.  Also having a strong session was Citigroup (C) which finished the day up 2.72% and this is another name which could look to press higher but we would not want to see today’s lows breached.

Tomorrow there is no Economic data scheduled to be released but we have the continuation of the Jackson Hole summit as well as Fed Chair Janet Yellen is speaking just after the open.

Economic Calendar week of 8/18/14

Reporting EPS 8/22/14 Pre-Market:

Companies reporting EPS 8/22/14 pre-market

Analyst Comments:

Upgrades 8/21/14

Downgrades 8/21/14

Initiations 8/21/14

Price Target Changes 8/21/14