Update On SP-500, and XLF

SP - 500 - Weekly 

• Got Our Bounce Yesterday
• Good Amount Of Poor Data Out There
• Could Force The Fed To Do QE3 - IT WONT MATTER IN THE LONG RUN
• Bearish If We Break The 1320 - Could Start To Free Fall
• Bullish If We Break The 1347 - Get One Last Pop To 1400

XLF - Weekly 

• XLF Is What To Watch ATM
• Banks Are Getting Hit Hard With Lower House Prices
• If The Banks Start Falling, Look Back In Your 2008 Fall Play Book

Bad News = Good News For QE3

Bad News Bears

• 'Double-Dip' in Housing Prices Even Worse Than Expected

• Watch For A Weak ISM Number Tomorrow

• Consumer Confidence Takes Surprise Drop in May

• Europe Weighs Options for New Greek Package

• But This Is All Good News Because Now The Fed Will Have To Do Another Round Of QE