Tuesday, February 16, 2010

Desk Color/Markets Headlines

Desk Color/Markets Headlines

· US PT desk color (from Fri)- Balanced between buys and sells today - Moderate Flow; Large Cap 73% and Mid Cap 21% of total Market Cap; Financials and Industrials better to sell. Information Technology and Consumer Staples better to buy. ETF's 6% of sector flow. All eyes today were on the BRK/a and BRK/b trade for the indexers at the end of the day. We had our fair share of indexers buying their shares on the close, but we also saw some fast money selling long into the close and playing a reversion in the stock near the end of the day.

· Derivatives desk color update - US Indices: Market was unchanged today after some large intraday moves, and vols ended lower. Near dated skew was lower on sellers of variance swaps. Most of the same trends continue: we have seen continued selling of longer dated variance, dividends are creeping higher, and there are better buyers of Russell vol.

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