S&P 500 after financials fall 10% from high w/in 3 weeks

Financials have seen worse bouts of selling pressure in recent years than they suffered lately, but not by much. And it’s causing concern, because only a few weeks ago the sector was a hair’s breadth from a new high, and any time these stocks suffer large losses, memories of 2008 rear their ugly heads.

The result is that the S&P 500 financial sector has gone from within .75% of a 52-week high to back in
correction territory with a 10% pullback in only 13 sessions. The table below shows every time when financials had climbed to a 52-week high or within 0.75% of one, then fell so fast that it entered correction territory within three weeks. See the August 15 report for more detail.