1) Europe is mixed this morning, but growth there is improving. Markit's euro zone Purchasing Manager's Index (PMI) was revised up to 53.3 from the initial print of 52.7. Italy was particularly strong, at 52.9, the best since March '11.
Here in the U.S., the February ADP report was a mild disappointment, showing fewer private sector jobs created than anticipated.
2) The Wall Street Journal had a good article on the drought in Brazil and its effect on crop prices. This is not news to investors in agricultural ETFs. I pointed out the action yesterday in the PowerShares DB Agricultural Fund which saw volume five times normal yesterday. The fund is up about 16 percent so far this year, and volume was big last week as well, and it holds futures contracts on all the big commodities: sugar, cattle, corn, soybeans, coffee, and wheat.
There is a coffee ETF as well (JO) that is up almost since the start of 2014.
3) Emerging markets: what slump? While the main Emerging Markets ETF is down 5 percent this year, that's happening because of poor performances in China (down 2.9 percent), South Korea (down two percent), Brazil (down 8.5 percent), and India flat.
But get outside this well-worn group, and other emerging market countries are doing fine in 2014:
Vietnam +13.9 percent
Philippines +9.6 percent
Indonesia +9.0 percent
Saudi Arabia +7.3 percent
Thailand +4.1 percent
Brazil -8.6 percent
In January, there was a major debate among traders about getting out of the emerging markets and into more "frontier" countries like those above. So far, the frontier advocates are winning.
4) What shrinking defense budget? The iShares U.S. Aerospace & Defense ETF (ITF) hit a new high yesterday. Strange, but some noted that China's announcement it will be boosting its defense spending 12.2 percent this year indicates that defense spending will only be constrained so much, while commercial aerospace has been on a tear.
—By CNBC's Bob Pisani