Monday Morning Musings

Looks like a pretty slow morning for news flow. The big news was FedEx (FDX), which lowered guidance late Friday afternoon on rising energy costs and weak economic activity.

The financials are higher despite news that MBIA (MBI) reported a massive first quarter loss. But the stock is trading higher, another indication that all of the bad news may finally be priced in. The bank index is one of the leading indexes this morning, along with the retail index.

Also, Cablevision (CVC) is acquiring 97% of Newsday for $650 million from Tribune Company. I don't think I have ever read that periodical, but at least someone sees value there.

Oil is trading lower for the first time in its life, just kidding, but still high near $125. The energy stocks are taking a breather today as a result.

Asian markets were higher across the board overnight, while the Yen is lower vs. the dollar this morning; the 10-year yield is down slightly, to 3.75%; and the put/call ratios are also low, which I don't like to see.

The increase in complacency lately leads me to believe that the market has more room to go in this little pullback. As such, I have not employed any of the cash I raised recently.