A Mostly Flat Open

The markets are opening mostly flat this morning. The major indexes are flat, the 10-year yield is flat at 4.65%, oil is roughly flat around $64.50, and the Yen is flat versus the dollar (although the euro is higher).

After 5 consecutive up days for the Nasdaq, investors may decide to take some profits ahead of the long weekend. The stock market is closed tomorrow, the same day that the March payrolls report gets released. That should make for an interesting open on Monday.

Micron (MU) reported a wider than expected loss last night, but it doesn't seem to be spilling over to the semi group at large. Norfolk Southern (NSC) also guided down, but the transport index has shaken off its early weakness.

Lots of stocks continue to break out, so don't be lulled into a sense of complacency by the indexes.