Catch Up Mode

I am in catch up mode as I spent last week away from the market. Hopefully, I will be caught up by the afternoon. Here is what I am thinking:

• It is extremely difficult to get a feeling for the market the morning after expiration. We should get a better sense later today and tomorrow. 
• M&A is only bullish for the market if the acquirer uses cash. The Schlumberger deal is great for arbs because they now have a place to invest their money but has no effect on the overall market as it is an all stock deal.
• Oil and gas companies are in no position to do cash deals as they are still leveraged from the last cycle save Exxon Mobil.
• Will the market rally through tomorrow and give us a nice short side setup or will it frustrate and pullback immediately?
• Interest rates are creeping up again and will soon be at the point where they are detrimental to the economy.