One More & Done?

Good morning. We're set for a modest positive open as investors cheer the return of M&A activity and look forward to another Fed meeting.

News that Berkshire Hathaway and Mars have teamed up to acquire William Wrigley Jr. (WWY) for more than $22 billion have set a positive tone. Strength in overseas markets and more earnings reports have also helped to diminish concerns over oil prices that have hit fresh new all time highs.

Premarket gainers: WWY, SOHU, IMMR, BEAV, CPSS, SINA, OSTE, SUTR, F, ACGY, SEED, TITN, V, NTES, VMED, PDLI, ZOLT, BEAV, SWN, ABK, SNDA, SPSN, HUM, SID, ASTI, GOLD, JRJC, ECMV, MRVL, and NEU.

Premarket losers: GMST, RDWR, DEEP, SCMR, MEDX, NVGN, UAUA, RSH, SHPGY, SILC, LOGI, BRCM, CAL, POT, and TRMB.

We have a busy news week ahead with earnings and lots of economic data including the Fed meeting and Friday's unemployment report. According to Fed Funds futures, the market is expecting another 25 basis point cut this week and then no more.

As you know, expectations are growing for a quick and impressive recovery as rebate checks flood Americans mailboxes this week and fears over the credit crisis melt away. In my view, what would really help the market is news that the U.S. consumer is doing much better. The market is hoping that a pullback in energy prices could at least help. We shall see.

Taking our clues from the last two weeks, we'll have to stay focused on the same technicals and rotations that are likely to continue in this news filled, very noisy trading week. Have a great Monday!