Friday saw J.P.Morgan note that "not....>

MARKET TALK: Friday saw J.P.Morgan note that "not only has the continuation of

the equity market rally into June naturally eroded all of the previously

estimated positive equity rebalancing flow, but it has likely created a need for

negative rebalancing flow, i.e. equity selling, of around $170bn on our

estimates into the current month/quarter end. This $170bn should be thought of

as an upper estimate as it is possible that same of this equity selling was done

before quarter end. While we acknowledge the risk of a small correction in

equity markets over the coming two weeks as a result of this negative equity

rebalancing flow, we continue to believe that we are in a strong bull market in

equities and any dip would represent a buying opportunity."