Although, foreclosure/ liability noise has been around for many weeks with no ill effect on the Fins’, the first time we note the noise as a headwind the “putrid’ness”  hit’s the fan!.   The headwind  came as a dust storm into the Fins’, spiralling BAC, C, WFC, JPM  to 4-5% losses  intraday.   It hit the fan, but it didn’t hit the market as most would have expected.  We wanted to get more clarity on the tape today, we ended up with more uncertainty as the market took a heavy shot, but by close it shook off the beating with a flat close.   Partly was the fact 4-5% losses in fins’ bring out value seekers as this noise is still just noise at the end of the day, but most notably because Bernake’s address comes tomorrow.

Maybe this is just a sign of more‘resiliency’ with the market wearing QEII blinkers with everything else a second thought, including earnings such as GOOG’s AMC.   The fact QE is set, it really isn’t until the market hears the details, eg(full round or not, open ended etc.), so the market awaits with no conviction coming from Bulls’ and /or Bears to press in either direction.   You recall we emphasized the importance of going into Jackson’s Hole, which has turned out be the market turning point and Friday 8:30AM is Bernanke’s next where they‘ll most likely tip their hand.   So, get ready for a moving market catalyst….