Monday Morning Musings

Not a lot of fanfare at the open. There was some big M&A news over the weekend, but the market still seems to be more focused on earnings.

Barclays (BCS) announced it will acquire ABN Amro (ABN) for $91 billion, and sell its LaSalle Bank unit to Bank of America (BAC) for $21 billion. Also, AstraZeneca (AZN) said it will buy Medimune (MEDI) for $15.6 billion.

There we no economic reports this morning. The big report this week will be GDP on Friday. Asian markets were mostly flat overnight. The 10-year yield is up a touch to 4.68%. Oil is also up a bit to $64.20, which is helping the energy sector.

Biotechs are the strongest group so far, while semis are lower. I have raised a bit of cash, and will be looking for some sort of pullback before redeploying assets.