M&A news continues to power the markets higher. Today the NY post reports that MSFT might be a buyer for YHOO. Interesting because YHOO has a market cap of 50 billion which makes it a sizeable deal.
The interest rate environment remains very helpful. Clearly the ROW is still adding to US reserves at a substantial pace.
I expect the markets to trade down at somepoint today. Jason says gaps on NFP havent been great buys. I am relctant to hop on until I start to see someone offload 30,000 minis in under 10 minutes.
Trade has been confined to the value areas for the most part. Trade ideas isnt as lively as it has been in days past.
Other interesting stories is HOV which is still having huge problems in housing. The amazing thing about housing is how bad it is even though liquidity couldnt possibly be better.
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