Friday, July 23, 2010

Markets Update – 1:23pm $SPX

Markets Update – the tape has been vacillating around the unchanged level for most of the session and it looks like the stress test publication isn’t moving asset levels too much (see below for the full recap of the tests). A lot of the same groups that powered the tape higher for the week are again driving things today – the industrials are up ~1% today (and are on pace for a 6% rally on the week as a whole), materials are up ~60bp (are on pace for a ~6% rally on the week as a whole), and telecoms are up ~0.7% (up ~3.5% on the week). Flows are pretty quiet on the desk as people try to sift through the test results (note that JPMorgan is hosting a call on Sunday to review the tests).

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