No. of Recommendations: 2
Some things to think about, particularly in the ABS and CMBS markets
-- Citi, MER, and others are in the midst of leadership changes and won't be changing their risk profile dramatically.
-- Other financials are facing their year ends, and will not be adding to their books this year.
-- CMBS has been widening despite a lack of primary issuance, which would normally distort the supply/demand balance enough to create a substantial positive technical, illustrating that there is pretty broad flight from these markets.
-- mutual funds and others don't want to disclose these holdings on their year end balance sheets.

Long story short, paints the negation of any bull scenerio in ABS or CMBS until Jan 1.
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