Monday Morning Musings

Last night, before I went to bed I saw on the news that N. Korea was claiming a successful nuclear test. Given the events, I would have thought the markets would have opened lower than they did.

Oil and gold are up only slightly, the equity markets are mixed right now, and the yield on the 10-year is up a couple of basis points. Normally you would see more of a flight-to-safety into U.S. Treasuries, which would push yields lower. Is this complacency? Or a correct assessment that there is more bark than bite to N. Korea?

Earnins season kicks off this week, but doesn't really kick into high gear until next week. But it will be interesting to see how forward earnings guidance is viewed by investors, and if earning season will spark a pullback in stocks.

In other news and notes:

• I just read my fav new show, Smith, has already been yanked. Sorry, Ray.
• MA gets hit on multiple downgrades
• PNC agrees to buy MRBK for $6 billion; stock up +20%
• GOOG signs distribution agreements with WMG, Sony BMG
• Founder and CEO of MNST resigns. Ouch.
• NRPH gets ok for ADHD drug for kids; stock up +50%
• TGT warns studios over movie downloading pricing
• Dolan family takes CVC private for $27; stock up +12%
• Motocross on Friday night was awesome

long GOOG