Financials Update-SocGen out of Europe said there wouldn’t be any surprises in its Q2

· Financials Update - The group had one of the biggest swings in the market today, going from up ~2%+ earlier to down more than 1%.  Worry heading into the reconciliation process weighed on the group (Lincoln’s win last night raising worries she will push harder for her amendment while there have been press reports discussing how the Volcker Rule language may be strengthened).  The GS Timberwolf lawsuit officially hit around mid-day (Reuters overnight said the lawsuit could be handed down today).  SocGen out of Europe said there wouldn’t be any surprises in its Q2 (recall there was some concern last week), although this didn’t really do much for the sector.

· Brokers – the group ended in the red; GS finished off 0.7% while MS was down 1.8%.

· Asset managers – space off ~1-1.5% across the board for the most part.  No major underperformers.

· Banks – the space finishes in the red for the most part.  C up ~3% ahead of the sp rebalance tonight.  Within regional land, FITB, KEY, TCB, ZION all outperform.  RF one of the weakest regionals (dwn 4%).

· ABK drops ~40% on yesterday’s filing and on Reuters article talking about how some of the co’s secured debt holders may pursue bankruptcy.

· Best performing sp500 financials: C, AVB, SLM, HST, XL, AIV, PLD, KEY, CBG, ZION

· Weakest performing: RF, WFC, COF, FHN, AON, CME, BAC, GNW, PNC, MS