1) It's the commentary that matters. I noted yesterday I am particularly interested in what everyone says about economic conditions, particularly in Europe. Observations this morning, on conditions both at home and abroad, were modestly bullish:
GE's Jeff Immelt: "We saw good conditions in growth markets, strength in the U.S., and a mixed environment in Europe."
Schlumberger: "The overall global economic outlook continues largely unchanged, with fundamentals continuing to improve in the U.S., and Europe seemingly set for stronger growth."
2) I'm puzzled by the number of people who think Intel doesn't matter anymore.The thinking is they have been left behind because of too great a focus on the declining PC business. They've been overtaken by Qualcomm and Samsung, who are providing the chips for smartphones and iPads.
Well, yes, but here's what worries me: Intel is a major component in the Semiconductor Index, and the SOX and the S&P 500 have moved practically in tandem all through 2013.
In other words, the behavior of semis matter.
3) Initial public offerings: after a roughly one-month lull, the IPO business is heating up again as four IPOs priced overnight at the New York Stock Exchange (NYSE):
a) The world's largest commercial helicopter operator CHC Group (HELI) priced 31 million shares - more than expected - at $10, below the downward revised range.
b) Oil and gas exploration and production company EP Energy (EPE) priced 35.2 million shares— less than expected—at $20, below the price talk.
c) Oil and natural gas exploration and production company RSP Permian (RSPP) priced 20 million shares at $19.50, in the middle of the range.
On the NASDAQ, Hennessy Capital Acquisition (HCACU) priced 10 million shares at $10, in line with initial price talk.
—By CNBC's Bob Pisani