The Morning Hammer: Famous Last Words?

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Crude oil poked its head above $45 in early trading, which is giving emerging markets a pop today.

China is ripping on a report saying that an exchange link between Shenzen and Hong Kong will be announced shortly, as well as takeover speculation among property developers.

The DAX is up 0.4%, putting it in the green on the year for the first time. European bonds are mostly flat.

SPX futures are slightly green and showing very little volatility in early action, which means today could be our 26th straight day without a 1% move in the index.

And unfortunately, the economic calendar is pretty light, with the Empire Manufacturing and NAHB Housing reports coming out. Neither is likely to make a big dent in the action.

However, we may finally get some action with tomorrow's heavy calendar (CPI, industrial production, housing starts, building permits), and Wednesday's FOMC Meeting Minutes and crude oil inventories combo.

On the deal front, Mid-America Apartment Communities (MAA) is buying Post Properties (PPS) for $3.9 billion to form a REIT giant.

The CBOE equity put call ratio went out at 0.55, which is right around yearly lows.

The ISE Sentiment Index hit 136 Friday (136 calls for every 100 puts).

This implies some near-term complacency, but we've had near-term complacency for quite a while now and it hasn't mattered.

It still feels like folks are waiting for “something” to happen — a news event or a good-old fashioned breakdown/breakout — to bring some life back into the market.

It feels like it's in the wings, but since so many people are thinking it, maybe we don't get it soon.

But seriously, 25 days without a 1% move?

That can't last forever.

Famous last words?

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