Monday, May 14, 2012
Spot The Odd One Out
The major US financial stocks have generally rolled over heavily post their stress-test exuberance catching up to credit's much more sombre reality the whole time, however - who is right? There remains massive divergences among stock performance, e.g. Morgan Stanley -4.9% YTD or Bank of America +35% YTD and while some individual names have caught up to their credit pricing, US financial stocks have yet to catch up to the reality that broad US financial CDS markets have been pricing for two
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