1) Where's the so-called market rotation? It's happening, but not in the way some people think.
The obsession—and yes, it is an obsession—with biotech and 3 dozen or so internet stocks is understandable. However, perhaps it's time to move on and point out that there is in fact a rotation going on.
Yes, there is definitely a move back to dividend-paying names, with the S&P 500 Index down almost 2 percent in the last 30 calendar days, benchmarks featuring dividend-paying names are outperforming. Look at the action over the last 30 calendar days:
S&P Utilities up 5.6 percent;
S&P Telecom up 5.3 percent;
iShares High Dividend ETF up 1.9 percent; and
Vanguard REIT up 0.7 percent.
But there's a little more than that going on. I pointed this out yesterday, with stocks like Caterpillar and IBM holding up quite well. Intel and Microsoft are also up in the last month. My point is that as "big momentum" Internet names have slowed, traders have rotated into Old School tech. What do they know? Maybe that they can buy modest growth much cheaper.
Meanwhile, energy names (excluding Big Oil) continue to hold up very well, with the overall sector up almost 3 percent in the last month.
Anadarko up 16 percent;
Devon up 8 percent;
Schlumberger up 6 percent;
EOG up 6 percent; and
Apache up 4 percent.
2) Wells Fargo boasted of good results, most traders I spoke with emphasized loan growth was in-line with expectations (which is good), and deposits are growing. Also noteworthy were WFC's buyback announcement of 350 million shares, overall (solid) credit trends and, while mortgage originations did drop, it was largely seasonal. For the record, the first quarter is traditionally the weakest, and most believe we should see originations rise at least 20 percent in the second quarter.
--By CNBC's Bob Pisani