RANDOM OBSERVATION

When I awoke this morning, I noted the SP futures were positive by about 4 points. I also saw that it was merger Monday as Watson Pharm (WPI) was buying Andrx(ADRX), McClatchy(MNI) buying Knight Ridder(KRI), Capital One (COF) buying Northfork (NFK) and Pinnacle(PNK) for Aztar(AZR).

Everyone loves mergers as it gives confirmation that stocks are priced fairly or they may even be inexpensive. Also, note that the futures are now barely green. It just doesn't give me a warm fuzzy feeling that stocks are going straight up from here.