· Paring back some of Friday's gains, the sector lagged the broader tape on a lack of news and volume. It appears that the only catalysts enticing trading today were some sell-side equity research comments. Volumes are well below recent averages and flows are likewise light. Overall, flows are better to buy (2:1 better to buy).
· While tough to piece together any trends, we're seeing vanilla accounts add to positions while HFs are balanced between flows. We're not seeing any aggressive selling or shorting whatsoever, however late in the afternoon we saw additional supply from vanillas which weighed on the group. Focus now will be on further appointments to the financial regulatory reconciliation committee in the coming days (following Lincoln’s appointment today).
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