Despite all that, I don't see leading groups doing any huge selling to finance the buying. I don't see biotechs collapsing. Some weakness in new tech favorites this week like Workday, Fireye, and Tableau, but not dramatic.
1) Another big IPO day...five IPOs, with one (Globoforce Group) withdrawn.
On the NYSE:
a) A10 Networks (ATEN), which makes software that optimize data center performance, priced 12.5 million shares at $15, high end of the $13 to $15 range.
b) Cloud-based global trade management software provided Amber Road (AMBR) priced 7.3 million shares—more than expected—at $13, above price talk of $10.50 to $12.50.
c) TPG Specialty Lending (TSLX), private equity firm TPG Capital's business development company, priced seven million shares at $16, at the low end of the$16 to $17 range.
(Read more: Fed's Kocherlakota blasts new rate guidance, wants low ratesfor longer)
On the NASDAQ:
a) Orphan disease biotech Versartis (VSAR) priced six million shares at $21, at the high end of upwardly revised range $19 to $21.
b) Borderfree (BRDR), which helps U.S. retailers set up international e-commerce, priced five million shares at $16, high end of the $14 to $16 range.
(Read more: Borderfree prices IPO at top end of range)
2) Quadruple witching: not what it used to be. It's quadruple witching day, the quarterly expiration of stock index futures and options, and single stock futures and options. Volume will be much higher than normal.
(Read more: 29 out of 30 banks pass Fed's stress test)
Unfortunately, quadruple witching is not what it used to be. Volumes this week have been on the light side. This would not have been the case even five years ago, when volume was almost invariably higher in the days leading up to quadruple witching as traders closed out their positions and opened new ones.