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The markets continued their post-September 22nd struggle into difficult economic reports and ahead of third-quarter earnings. In this respect, early October feels much like early July, the difference being quarter-over-quarter results could prove more difficult this time around. The S&P500 (SPY) ended last week down a moderate -1.9%, with only the Consumer Staple (XLP +0.3%), Commodity (DBC +1.6%) and Treasury (TLT +1.4%) complexes posting advances among the tracked ETFs. In any event, equities are looking as short-term oversold now as they looked overbought just a couple of weeks ago.
Week Forty-One of 2009 features a much lighter economic calendar, but also the advent of third-quarter earnings with Alcoa kicking off proceedings next Wednesday, as follows:
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