1) The second initial public offering (IPO) of the year priced on Wednesday. Cypress Energy Partners (CELP), a master limited partnership (MLP) that offers saltwater disposal facilities, priced 3.75 million shares at $20.
2) Bank of America earnings were slightly better than expected. The major themes among the three big banks that have reported so far fall along the following lines: stronger capital and liquidity, with lower credit costs and lower expenses. Meanwhile, net interest margin is OK but not great, while mortgage portfolios are weaker, and trading is adequate.
Bottom line: there is a recovery underway in the financial space. What they really need is better loan growth and higher rates at the low end. Many loans are based off LIBOR, which depends on the short end of the curve.
Why is loan growth so modest? While this has often been cited as a sign the U.S. economy is still weak, many traders have noted that the corporate bond market has been on fire for more than a year. Many companies needing to raise money--including those with "junk" credit ratings--are turning to the corporate bond market to raise money rather than going for loans.
3) On Apple, while everyone is waiting for the first sales of iPhones through China Mobile this Friday, a number of analysts have noted very strong iPhone sales over the holiday season. Lack of innovation from the Android rivals should also help. Everyone is now anticipating that Apple will launch larger screen models of both the iPhone and the iPad. The iWatch is perennially on the horizon as well.
—By CNBC's Bob Pisani