Yesterday, I underscored the reality of the First Data loan sale by Credit Suisse (CS - Cramer's Take - Stockpickr) and Citigroup (C - Cramer's Take - Stockpickr).

Yesterday, Nokia (NOK - Cramer's Take - Stockpickr) agreed to acquire Navteq (NVT - Cramer's Take - Stockpickr). Today, Toronto-Dominion (TD - Cramer's Take - Stockpickr) has agreed to acquire Commerce Bank (CBH - Cramer's Take - Stockpickr).

Importantly, the Navteq acquisition was actually a takeunder (a takeover where the target is offered a price less than its current share price), and the Commerce acquisition was agreed to at only a modest premium.

Meanwhile, both the Harman (HAR - Cramer's Take - Stockpickr) and Acxiom (ACXM - Cramer's Take - Stockpickr) deals have been called off. Nevertheless, the media is waxing enthusiastically that the deal game is back.

By contrast, it seems to me that these data points indicate a market that is being priced for perfection and a leveraged loan market that is still problematic.

But that's me.

Citigroup Sees Weakness in PC Space -- 10:27 a.m. EDT

Citigroup (C - Cramer's Take - Stockpickr) has an interesting comment this morning on personal computer components.

The brokerage sees some potentially weak data for the fourth quarter with Hewlett-Packard (HPQ - Cramer's Take - Stockpickr), Dell (DELL - Cramer's Take - Stockpickr) and Acer canceling some orders. As well, Taiwan notebook shipment forecasts are below normal seasonality, with order books looking soft for the holiday selling season.

I had previously mentioned that August semiconductor equipment orders were weak in Japan.

Is Relative Value at Home or Abroad? -- 9:23 a.m. EDT

Here is an interesting table, courtesy of John Mauldin, underscoring the lagging performance of the non-export, domestic, housing-centric sectors vis-à-vis the weak-dollar, export beneficiaries.

Source: John Mauldin's "Outside the Box"

According to the savvy Mauldin, the export beneficiaries are roughly 60% weighted in the S&P 500.

One has to wonder where the relative value lies today given the almost universal view that large-cap, weak-dollar plays have so conspicuously outperformed.