From the mysterious pre-Summit ramp in the afternoon of 6/28, the major US financials managed gains from 6 to 11% within a few days. As reality sets in and that sinking feeling rears its ugly head, so one-by-one, all that exuberance has faded. While the financial ETF XLF remains higher, the major US financials are considerably lower with BofA -6%, MS -5%, and JPM -3% from those pre-Summit levels...
It seems buy the rumor, sell the news was the game...
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