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The financial sector got a boost on Monday as relief regarding the minimal damage from Irene helped insurers make 10-plus percent gains for the day. Bank of America was shot up on the new that they would shed half their holdings in Chinese Bank CCB in order to improve their balance sheet.

International package delivery service, FedEx, reduced its yearly earnings projection today, leading the transportation sector lower on claims of a sluggish economy with few signs of picking up.

Discount retailers have been making a comeback in 2011 but the most recent earnings reports and speculation indicate that there could be more progress yet.

Shares of Pepsi, Kennametal and Energy Transfer Partners seemed to have lost more ground than they deserve alongside the broader exit from equities and hiccups within their own business. At these levels, they look like strong buys again.