Today Could Suffer From Post-Expiration Hangover

The market is opening under a bit of selling pressure this morning, on the first trading day following Friday's options expiration. This day has a history of weakness, owing to what many call the options expiration hangover.

There was some notable M&A activity over the weekend, with the big news coming out of the satellite radio space.

Semis and biotechs are the weakest so far, while homebuilders are bucking the weakness and seeing a bid.

Oil is trading lower this morning, falling below $58. And the yield on the 10-year Note is up a bit to 4.70%.

In other news and notes:

• What was Britney thinking?
• Electronic Arts mentioned positively in Barron's
• XM Satellite and Sirius to combine in $13 bln merger
• Vulcan Materials to acquire Florida Rock for $4.6 bln
• Jetblue Airways begins reimbursing stranded passengers
• New River Pharma to be acquired by Shire plc for $64
• Home Depot misses by $0.01
• Wal-Mart beats by $0.03
• Boyd Gaming beats by $0.07
• SanDisk upgraded to Buy from Neutral at Goldman
• Yahoo! tgt raised to $38 from $32 at Oppenheimer
• Smart & Final to be acquired by Apollo Management
• Ultra Petroleum upgraded to Buy at Goldman- tgt $59
• Wendy's announces $300 mln share buyback

long GS