Back In The Saddle
So much for any posts last week! Kids kept me very busy. The only positive I can say about the market last week was that the fact that it didn't rally means I probably didn't miss any significant breakouts, and there are still good buys setting up.
The market is getting a boost this morning on a flurry of M&A activity over the weekend. The biggest was KKR's offer to acquire First Data (FDC) for $29 billion, which has the stock up +22%. GISX also received a bid from XRX for a +47% premium. And Sam Zell won the bidding war for Tribune (TRB), boost that stock a bit.
Asian markets were mixed overnight, with Japan down. Oil is slightly lower, hovering around $65.65. And the 10-year yield is just a bit lower at 4.64%.
The ISM report just hit the tape, and was a little lower than expected (50.9 vs. 51.0). There was talk that the ISM would be stronger than expected, so this is hitting the market right now.
According to the Stock Trader's Almanac, this month is the best month for the Dow, averaging +1.8% since 1950.