The allure of “merger Monday” is upon the world, as the logic seems to be that if a Time Warner TWX/AT&T deal can happen, then why not have everyone merge at big premiums? We’ve definitely seen this movie before.
At the moment, gold remains in a no-man’s-land in which it’s trying to decide whether to complete its tiny saucer pattern and try a (surely doomed) assault at $1300, or whether it’ll simply succumb to gravity and continue its fall. My only precious-metals position is a medium-sized GDXJ short.
Weaker than this is crude oil, whose only holy land is the OPEC meeting in a month (which will probably be another dud, but the market is buoyed by it). Oil certainly seems to have found a pleasant resting place at around $51 or so, since it’s been oscillating around that for weeks now. This is more germane to me since I have a lot of energy shorts.
Just 15 days until the election, everyone! At that point, we can all take a hot shower.