The big news today was the downgrades in the financial sector, with Moody's warning on three of the TBTF banks, Citi, Wells and Bank of America.
Moody's also warned the US on its sovereign credit rating, if the debt ceiling issue is not resolved.
Groupon is bringing out its IPO, giving the Street about 750 million plus reasons to support the market for the near term, and the NDX diverged today from the financially heavy SP 500. Will investors learn from their recent LinkedIn experience? If so, it could send the market and the banks into a swoon.
Non-farm payrolls tomorrow. Look for a relief rally on anything over 100,000 jobs added, and further weakness on much below that.
