There have been three mergers announced today, one was in the biotech sector, one was in the automotive sector, and the other one was in the financial sector. I find the merger in the financial sector (M&T bank bought Hudson City Bancorp) to be especially important as I believe we will see consolidation among the financials as the housing market continues to rebound and bank stocks are cheaply valued.
Other than that, there is very little going on and so far today it appears that today will be the lowest trading volume day of 2012. As I've written, trading volume has been almost nothing over the past several weeks. This is important because any bit of small news can have a big impact on stock prices when there are so little trading going on. I continue to believe now is not a very attractive opportune time to be buying stocks and I'm looking to take short term profits on stocks/mutual funds I own as I expect stock prices to move lower over the coming month.
