Monday to Funday in 3 Seconds Flat…This week wasted absolutely no time in getting after it. Aside from the fact that the Fed, the ECB and BoE will all make announcements later this week, and there will be a slew of meaningful economic data throughout, there is also quad witching on Friday. Thus, this week was already geared up for some hype before this morning came in extra hot with 2020’s busiest weekend of deals worth upwards of $69bn. The biggest headliners: Oracle (+4.3%) beating out Microsoft (+1%) for the US operations of TikTok, Immunomedics (+100%) doubling after Gilead (+2.6%) agreed to by the cancer drug maker for $21bn and Nvidia (+4.5%) buying Softbank’s Arm in a $40bn chip deal. Further, UBS is apparently studying the feasibility of a Credit Suisse tie-up. No doubt much focus will be on these deals and all of the aforementioned data, as well as the “skinny stim” plan and how slim it’s actually going to get. But for now, the path of least resistance is still up. One caveat: volumes are average at best – S&P 10-day AVAT -15% today thus far.
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