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“The greatest teacher I know is the job itself.” – James Cash Penney

“No problem can be solved until it is reduced to some simple form. The changing of a vague difficulty into a specific, concrete form is a very essential element in thinking.” – J. P. Morgan

It isn’t a holiday for everybody, and while the bond market is closed today, equities have a full session.  Futures are lower to kick off the week, but they’ve been drifting higher off their overnight lows.  With no earnings reports or economic data to speak of, there’s not a whole lot of direction to the market today, and there’s unlikely to be much as the day drags on.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

Due to the Columbus Day Holiday, there are no actual earnings reports today, but this week marks the unofficial start to earnings season as the major banks kick things off with their quarterly reports later in the week.  Between Wednesday and Friday of this week alone, eight of the ten largest components in the sector representing 40% of its market cap will report earnings. As noted in last week’s Bespoke Report, the record of how these companies have reacted to prior earnings reports in recent quarters has been skewed to the downside, so the near-term direction of the sector has a lot hinging on how this week’s report comes in relative to market expectations.

Heading into this big week of earnings, the Financials sector just broke out of a four-month sideways trading range last week and hit a new 52-week high.  In the short term, that prior resistance at the highs from June and August should act as support, but first, the sector has to get through this week’s earnings.

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