What's Spooking US Financials?

Tyler Durden's picture

Since just after the open on Tuesday, the major US financials have decided that they will not go Bove-like to the moon and in fact have fallen back quite notably. As European pain has re-emerged, of course, its Margin Stanley that is hurting the most (-5%) but the rest are down 2.5 to 3.5%. It seems once again that the major financials' stocks have got ahead of themselves (both relative to the market and their CDS).

The Major US Financials have been lagging notably since just after the open on Tuesday - as Spain started to deteriorate...

 

and once again (exemplified by JPM) have got ahead of themselves...

 

Chart: Bloomberg