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Pisani: Goldman Sachs' Heavy Volume — Why?

Retail sales: another positive on the corporate front...now we just need better macro news.

There is a strange dichotomy here: on the corporate front, things are positive, with nearly 70 percent of companies beating earnings estimates, and there's been a spate of M&A activity as well.

But much of macro story line has been negative: pending home sales, jobs, federal deficits, sovereign risk, regulatory and taxation risks.

Now, if we can get a positive turn on some macro numbers...like nonfarm payrolls on Friday...the market should respond positively. But that's a big If.

Elsewhere, I have been asked repeatedly what's up with Goldman Sachs, up 3.3 percent on heavy volume as of this writing. There seems to nothing specific out there...a couple of sell-side notes highlighting the strength in the first-quarter fixed income trading. Some traders also seem to be more comfortable that that the Volcker Rule won't be a huge issue.

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CNBC Data Pages:

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Where Other Big Financials Stand:

JPMorgan Chase

Citigroup

Morgan Stanley

Bank of America

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