Eric Rains from BlueMountain Capital and Stewart Warther from BNP Paribas split duties for a session titled US Dispersion:  Stocks, Sectors, and Index and a Changing Rate Environment.  As many of the sessions this week referred to the imminent rate hike next week the attendance for this session was quite high.  

Both participants split duties on a single presentation.  They gave an overview of recent price action noting that rate sensitivity has become a more important factor for stock and sector returns.  They also pointed out that sector-level dispersion accounts for a historically high percentage of overall SPX dispersion and dispersion remains low in most rate sensitive sectors which has contributed to dispersion.  The presentation finished up saying that SPX dispersion is at its highest levels since 2009 and that sector dispersion accounts for 46% of overall dispersion.