Equities Unch As Financials Lag

Given the low volume day, it is hardly surprising that markets had some unusual actions today but the consistency with which financials lagged on the day, combined with the selling pressure we saw in HYG (which has increasingly seemed to dominate credit markets recently) offers little to 'buy into' from today. ES (the e-mini S&P 500 futures contract) oscillated up and back to VWAP all day long in a very narrow range as risk assets rose modestly (helped by the seemingly Iran-driven surge in

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