Today's Action in Financials

Interesting that, at least in the early going, JPMorgan, despite uncertainty over its Bear buy, has been the only material gainer among financials. Here is a live look via Google Spreadsheets:

Looking at this another way, you could argue that, for the first time in a while, down-market correlations are changing. Rather than everyone being treated the same -- good financials and bad financials alike -- we have mutated to more of name-specific risk, the idea that some companies are worse than others. While that might not seem like much, it is progress as this crisis unwinds.