Why Weren't Markets More Bullish Over M&A Mania?

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July 29 (Bloomberg) -- TopstepTrader Chief Market Strategist Bob Iaccino, Keeneonthemarkets.com Strategist Jim Ramelli and Bloomberg's Paul Sweeney discuss what drove today's trading on Bloomberg Television's "Street Smart." (Source: Bloomberg)

We will go to our street fighters.

Bob, we will start with you.

You would think that people would welcome that and say this is the bullish sign.

We are back to what we did in 2005-2006 reacting to an economic news.

It is definitely in our sights.

The profits are going to jump.

If they take a little bit of that free money away, it can't just come and live or we will see some of the smaller sell- offs.

This being the case, how are you trading these markets?

We have seen a pretty choppy market.

By this friday's expiration, a lot of economic data this week.

We saw a little bet involved as well.

It is still cheap enough to buy protection.

If we buy protection, will it be lower?

I think we're going to get a break out of that range after this week here.

I think maybe will be taking some earnings trade and following the break out ending the unemployment situation on friday.

When you say break out, that means we are going higher.

A break out to the outside or break out to the downside.

If we test the downside, we could see some more selling, and i will be taking a more bullish view.

I want to get through this weekend follow the trend.

People are really worried about the fed right now.

It is sort of a secondary story.

Bernanke said that of the tapering begins, it will be later this year.

Your more looking past the to the jobs numbers.

If they will announce anything, it will be the meeting.

Having said that, i don't believe they are going to taper in 2013. you don't believe they will do that because the economy is not strong enough?

I don't believe the fed wants to turn on a dime, they want to be sure.

I don't think we get there, and not without the rest of the globe turnaround.

As we try to adjust kicking ourselves away from the fed, perhaps it is taking its i away from day-to-day movements.

What does that mean for media investors?

They want a seat generally a decent a good economy.

It is the driver and that has been out.

Advertising has been pretty strong.

Maybe a little better next year, that is the fundamental building blocks.

The good news is the management teams are working very hard for shareholders in the form of returning excess cash.

We have been hearing bernanke flip-flop and i think he has lost his credibility here.

I think it is still tied to data.

I agree with the trade that gm wants to put on, that is what i am going to be doing.

I would not say bernanke has lost credibility but more so that people are forgetting the characteristics of the fed.

Good have you here today.

This text has been automatically generated. It may not be 100% accurate.

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