1)Welcome to the stock market of the second quarter of 2014 —brought to you by the same people who brought you the first quarter!
Gold miners, biotech, semis, high growth tech, home builders: all are big movers thus far (which has been all of a week). It's been funny to watch the trading so far in April: seeing guys run back into the exact same houses that burned them the first time around, as one trader noted to me.
Yesterday was about restoring the same narrative: "the same names that didn't work in Q1 are being given a mulligan and guys are trying again," one trader laughingly told me. He's right, despite the lip service paid to "value over growth," Tuesday was a lot like January.
Here's the problem: it takes a lot of heavy lifting to move these names. Buying biotech in big volume, for example, sucks up a ton of capital. When the money ran out in March, they rolled over.
Some of these names are well north of $100: Biogen and Regeneron are both over $300.
Also helping stocks: for the last several days the Japanese yen has again started weakening, now at its weakest since January. That means the yen/carry trade may be coming back into play, which also means more margin debt and leverage.
Most global bourses are up:
a) The FTSE All-World Index, which represents the global stock market, is approaching the historic 2007 high.
b) Most of Europe is up, but for the most part the main trend this year is European debt is having a huge rally...yields are collapsing in Greece, Italy, Spain, even France.
c) The Emerging Markets Index (EEM), the Big Short of Q1, is working on a 10 day winning streak. India at an historic high.
2)Online advertising marketplace The Rubicon Project (RUBI) priced 6.7 million shares at $15, low end of $15 to $17 range.
—By CNBC's Bob Pisani