Markets Move Higher on Deal News
Stocks rose this morning in response to a new wave
of mergers and acquisitions. Today’s largest buyout is a
$27.5 billion offer for telecom company Alltel by Texas Pacific
and Goldman Sachs. AT shares are currently up 7%.
June crude futures are
nearly unchanged this morning at $64.97 per barrel.
June gold futures continue to move fractionally lower to $661.60
an ounce.
Around Asia, Shanghai’s Composite
Index jumped 1% to 4,072.23, Hong Kong’s Hang Seng Index rose
0.1% to 20,927.75, and Tokyo’s Nikkei Index gained 0.9% to
17,556.87.
Today’s
PowerRatings Heat Map has turned bearish once again after the recent
rallies. Buying after strong rallies increases risk greatly.
The weakest looking sectors are Electronics, Metals and Mining,
and Materials and Construction.
Click here to see our new list of indicators that includes
Gaps Down 5% or More,
2-Period RSI Below 2,
Stocks Up 10% or More. Historically proven edges make
these a great place to start making a watch list.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com