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Pisani: April Wall of Worry Already Grows

With the S&P up 5 percent this quarter (4th consecutive quarter of growth), but there are some wide disparities between the winners and losers.

Here's the big winners, and why:

Quarter winners

- Biotech up 30.9 percent (expected acquisitions from big pharma)

- Banks up 21.9 percent (loan losses to level off, and corporate/private lending to improve)

- Industrials up 13 percent (strong international growth, part. Asia)

- Airlines up 11.0 percent (revenue turnaround, flying fewer planes with more people on them)

- Retail up 9.7 percent (stronger same store sales)

But traders are already trying to game April, passing around lists of positives and negatives. Due to the strong price gains recently, the wall of worry is getting higher.

April concerns

1) Interest rates: poor Treasury auctions, Street worries interest rates could move up quickly regardless of what Fed says.

2) Housing: no signs of notable turnaround yet

-Fed ends mortgage purchases

-higher rates likely

-end of first time homebuyer tax credit

3) jobs: no private sector growth. Bears already picking apart March jobs number on grounds that Census workers are only temporary, weather adjustment will be severe, and end result will be no private sector jobs growth.

4) stocks: recent momentum slowing. Advance/decline line not as strong as a couple weeks ago, nor is new high list.

Traders noting recent weakness in bank stocks, not surprising given the huge gains. (More: When Bank Earnings Will Normalize: KBW President)

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Where Banks Stand Today:

Citigroup

Bank of America

JPMorgan Chase

Morgan Stanley

Goldman Sachs

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CNBC Data Pages:

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