1) Big caps: where's the leadership? I noted yesterday that the small-cap Russell 2000 and the S&P MidCap indexes were both at historic highs. Not so with the big cap indexes: the Dow, for example, is still 2.5 percent below its September historic highs.
More worrisome, the leadership seems very narrow. For example: there were only 184 new highs on the NYSE yesterday (there's about 3,000 securities that trade at the NYSE). Still, the Dow has gained 500 points in the last four trading days. So close to new highs, but many of the famous names aren't even close to new highs.
For example: IBM topped out in March, while McDonald's and AT&T in April. Coca-Cola and Wal-Mart followed in May, and ExxonMobil did the same in July.
Speaking of WMT: today is their investor day. They should introduce 2014 earnings estimates.
2) Get 'em out: two IPOs try to price before the budget crisis: The biggest IPO of the year set to price tonight. A Limited Partnership, which makes oil and natural gas pipelines, and Plains GP Holdings (PGAP) are looking to price 128 million shares at $22-$25, a $3 billion offering at the mid-range, which will be by far the largest IPO this year. The yield, however, is a measly 2.5 percent, which is disappointing considering many Master Limited Partnerships (MLPs) have yields north of 5 percent.
Antera (AR), an MLP, was the second largest IPO this year at half that; they raised $1.57 billion a week ago.
Another big one pricing tonight: for life science cloud-based software firm Veeva Systems (VEEV) which has raised its range from $12-14 to $16-18 and the overall deal size 31 percent.
Solar City (SCTY) Elon Musk's company, also doing a secondary.
—By CNBC's Bob Pisani