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SMF Notes Floor Talk:Afternoon pullback trims some gains -Update-
The broad market averages have seen a notable pullback in recent trade, with the Dow giving up about 90 pts over the past 30 minutes. There isn't one single factor responsible for the pullback from highs, but we'd note that it coincides with a few negative headlines after a strong two-day run that had taken the broad market up by roughly 5% since Friday's close. Financials have been one of the weaker sectors amid this afternoon's pullback from highs, after Meredith Whitney cut estimates on GS and MS. While this news was not entirely surprising given the difficult market environment of Q3, it does represent a negative headline for the group. Additionally, and more importantly, the FT ran a story saying "a split has opened in the eurozone over the terms of Greece's second 109 bln pound bail-out" -- see that FT story here. This is related to the July 21 plan that is expected to pass parliaments, so this headline may bring back a little uncertainty about the Greece bailout process. Finally, earlier this morning we noted that the European Investment Bank denied recent media reports by saying it maintained its "no bailout" stance and had not been approached and has no plans to be involved in special purpose vehicle in connection with the EFSF. However, we'd note that there was little market reaction to that report at the time.
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