Monday’s markets traded in a tight range. For example the Standard & Poor’s 500 (SPX) traded in an eight point or about 0.4% range. On an average day, that index trades in a range of between 1.4% and 1.5%. With a quiet calendar for the rest of the week, expect more lethargic trading activity.
Significant news was the official announcement that Bayer of Germany would acquire the “evil” Monsanto (MON) for $62 billion, including net assumed debt. The agricultural sector is heating up, as the Bayer announcement was preceded by what appears to be a bidding war or mating ritual for The Andersons (ANDE).
Also in the news was rumors that Apple (AAPL) was set to begin production of the iPhone7 in June. That news sent shares of Apple and potential suppliers higher.
My big news of the day was Soft Idea winning her 2016 New York Sire Stakes debut. Here she is in the winner’s circle.
The market was also so slow that we got some excitement in the afternoon at Red Rock Canyon.
Overnight futures are indicating more easy going for the stock market at the open, which will likely extend throughout the rest of the session and the rest of the week. However, remember, never short a dull market.