S&P futures vs fair value: +0.8. Nasdaq futures vs fair value: +2.8.

Early indications suggest stocks may open on a flat to slightly higher note as investors sift through some more deal making. Last night, Kirk Kerkorian's Tracinda Corp. disclosed it wants to buy MGM Mirage's (MGM) Bellagio and CityCenter properties.

Unfortunately for the bulls, this news is about all they have to hang their hat on since the economic calendar is again devoid of any reports, there is nothing on the earnings front with any market-moving potential, and historic highs on the Dow and S&P 500 leave valuations in question.