Tuesday, May 31, 2011

IG16    90   -3/4
HY16  102 1/4  +1/4

SOVX  196  -5
MAIN   102 1/4   -2 1/4

Markets stronger across the board on rumors of a new Greek bailout.  Having said that, the market response seems reasonably muted.  SPX is only up 1% and SOVX only 5 tighter.  Either people are doubting the rumors (which seems unlikely) or people already expected some form of bailout and these rumors do nothing to truly fix the longer term problems.

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