Sentiment definitely shifted last week as the market finished off -3.6% with risk coming off the table as ‘double dip‘, deflation talk renewed.   Next supports at 1070 + 1057SPX. 

Events to watch out for this week.

Earnings- July Q end earnings have been a disappointment and ADI AMAT DELL HPQ MRVL will be closely watched to see if trends continue in tech land. Also, major retailers are on deck.

Fannie- Freddie -  the future of the mortgage market and what to do with Fannie/Freddie is up in the air with a mtg conference on Tuesday.  There’s lots of speculation that this could be a market mover and if the FED’s move last week is somehow related to this event with a major announcement coming.

Eco’ data - a few August data points this week, starting with Empire Manu. on Monday.