Compare and Contrast

The news headlines this morning speaks to the  contrasts I wrote of yesterday, a normally positive set up with Europe possibly being the spoiler.

On the positive side:

• A $3.7 billion cash deal. Broadcom is buying Netlogic.


• Mcgraw Hill and Coca Cola Enterprises each announced a $1 billion share repurchases


• A BAC/Merill Lynch report is out showing that hedge funds are at far below normal levels of market exposure.

On the negative side:

• The Italians had a terrible bond auction


• European sovereign and bank spreads continue to blow out.