Football Deal Flops
Who will walk away with the keys to $MANU?
Setting the Table:
Markets had a narrow range yesterday with SPX trading in a sub 20 point range. Bouncing between 4568 and 4584 there was little direction in early August trading. Relatively little surprise in the earnings releases so far.
Options markets were equally slow, with only 38 million contracts trading. A calmer session did see options market widths rebound to last weeks levels. The variation here (snapshotted at the close) shows how much widths can move around even in the most liquid names.
Fitch downgraded the US debt on governance concerns. The rating fell to AA+, one notch below the top spot. Treasuries however barely budged with yields on the two and ten year down .06% and .03% respectively.
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