The spot to watch in the latter half of this week has been the KRE regional bank ETF. It hit a fresh cycle low at the open at $41.28 but there was no follow-through and instead there has been dip buying.

The thinking, I suspect, from the dip buyers is that Yellen is meeting with financial regulators right now and there's the risk of further positive action on the weekend. So far the impact is tentative with the most-beaten-up regional bank stocks only up around 2-3% and the ETF up 1.6% but at least there's a floor under them right now. The problem is that there could be a rug pull if the Treasury doesn't deliver.

KRE ETF daily

Right now the S&P 500 is down 10 points, or 0.2% after falling 30 points at the open.