Thursday, February 18, 2010

Markets Headlines/Desk Color

Markets Headlines/Desk Color
· Derivatives desk color - Vols were mostly unchanged today. Most of the flow is expiry
driven ahead of friday. The main themes continue, with dividends well bid and sellers of
longer dated variance. We saw some selling pressure on near dated skew as sentiment turns
gradually more bullish and people begin buying upside calls.
· PT desk color - 1.08 to 1 better to sell - Moderate Flow; Large Cap 42% and Mid Cap 54%
of total Market Cap; Consumer Discretionary and Health Care better to buy; Financials and
Information Technology better to sell.

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