More energy, please! For cryin' out loud, we had no fewer than THREE DEALS emerging today:
1) Merck-Schering $41 b deal
2) Dow and Rohm & Haas are near a deal, now the judge is saying Dow will honor the agreement at $78 a share.
3) Genentech near accepting $95 bid from Roche.
What happens? The Street yawns, we drift lower. Heck, even pharmaceucticals aren't doing much.
To add to the outrage, big banks are up, but volume is anemic. Bank of America and Citigroup have had decent advances today, but buyers don't seem to care; volume is less than half the recent average in Citi and only 75 percent of the average in B of A.
This despite hopes that hearings on mark-to-market might result in some tweaking of those rules, and a
successful $8.5 billion 3-part debt sale by B of A—backed by the government Temporary Liquidity Guarantee Program.
Even watching GE put in a bottom is not exciting traders: GE up another 4 percent today. Our parent has rallied 29 PERCENT since bottoming at $5.72 last Wednesday, but volume has been lighter on each successive day.
Hardly the basis of a sustained rally.