Today's market action was pretty nondescript. But I thought the most intriguing (or entertaining) part of today's moving pieces was that stocks hardly considered returning last Friday's 150 Dow points to their rightful owner even though the supposed catalyst for that move, a rumored buyout of U.S. Steel (X) by German-based ThyssenKrupp, failed to materialize and was all but quashed by ThyssenKrupp itself: “This report is incorrect and totally inaccurate. ThyssenKrupp is not conducting talks with Severstal or U.S. Steel about cooperation or a merger.” In ironic fashion, markets were essentially capable of "X-ing" last Friday's reason for stock's levitation from its memory. Not only did that mega-merger fail to materialize, no mega-merger materialized at all on "Mega-Merger Monday." The underlying and evolving story is, as rates all over the world have backed-up, to what degree is the private-equity "put" fermenting?
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