is an extremely slow news day. That isn't so bad. Such conditions often provide a good read on underlying sentiment.
Futures indicate a modest up open. That suggests that the year-end seasonal upside bias persists. December has been the strongest month for the S&P 500 over the past fifty-five years, and traders, investors, and managers are all betting on that again.
There are some rumored mergers, but no major actual ones. Sabre Holdings is reportedly for sale. Biomet may receive a bid later this week, according to Reuters.
There are no economic releases today other than wholesale inventory data at 10:00 ET. The big event this week is the Fed policy meeting tomorrow. It is universally assumed that the Fed will not change policy, but the policy statement will be heavily scrutinized as always. The November CPI data will be out Friday.
Oil has dipped to $61.75 a barrel this morning. The 10-year note yield is holding at 4.55%.
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