Monday Morning Musings

The market is once again higher this morning, and must be giving fits to the bears as well as those looking for a pullback to put money to work.

And there was not a whole lot of news to get things going this morning. The leading indicators report came out a touch better than expected, which is good for the economic outlook. And Microsoft (MSFT) said it is still talking with Yahoo (YHOO), but about some other form of business alternative as opposed to a full acquisition.

Also, Lowes (LOW) reported better than expected earnings, but the stock is lower after the company issued a cautious outlook.

Asian markets were mostly higher overnight, while the Yen is lower today; oil is higher again, near $126.67; and the 10-year yield is roughly flat at 3.85%.

In another sign that complacency is creeping in to the market, the put/call ratio opened this morning at the low level of 0.51. This, combined with a multi-month low in the VIX still has me cautious at this market juncture. Sometimes patience is difficult, but I still think a much better buying opportunity is still ahead of us.