Monday Morning Musings

The market is shrugging off a bevy of bad news before the open, that a few weeks ago likely would have pushed the market lower in a big way.

Citigroup issued and earnings warning, UBS said it will take a $3.4 billion write-off in its fixed income department, and the Acxiom deal is being called off.

But the market seems to be viewing these items as old news, and looking forward in time. The Dow is sitting just below the psychological 14,000 level. So it's likely we will get a new closing high on that index soon. Ditto for the Nasdaq.

Asian markets were higher overnight, and the Yen is lower this morning. Remember, the Yen is one of my most important indicators right now, as its correlation with the U.S. markets has been strong.

Bond yields are lower, with the 10-year yield at 4.55%. And oil is also lower, sitting near $81.

Some of this strength may be due to new fund flows that come in at the beginning of a new month and quarter. Let's see if the strength can last 'til the closing bell.