SP 500 and NDX Futures Daily Charts - Tottering Into the End of the Beginning

Monday will be the end of the third quarter.

If they are going to paint the tape then they will have to begin tomorrow.

The big depressant on US equities yesterday was that Citi failed the Fed stress test for the second time in three years.   This is the beast that Sandy Weill and Robert Rubin wrought, in overturning Glass-Steagall and marrying Wall Street to Washington, with Bubba as the Elvis impersonating preacher.

Judging by the earnings-less, piece of crap IPOs being shoved out the door, I think this year may bring some clarity to market valuations, most likely in the second have after most of the steaming IPO deuces being held in the pipeline have dropped.

Have a pleasant evening.