Buying Binge in Bank, Tech, Energy ETFs

Buying binge: volume strong on first day of trading year in QQQQ — the Nasdaq 100 ETFs — already doing 125 percent of volume — heavy buying in financials and energy ETFs as well.

But watch out for downgrades: retailers down on series of downgrades from Piper Jaffray and Jeffries. Make sure you get the color right: Piper Jaffray downgrades Ann Taylor ...the main problem: the hot color for spring is pink, and they say their Loft division is anchored in neutrals and corals. Sounds silly, but they are dead serious: "this miss could cost LOFT its spring sales plan," they write.

The Street seems to agree with them: stock down 5 percent.

IPO pipeline strong: Renaissance Capital says 132 companies are seeking to raise $34 billion in 2011, much stronger than a year ago. That's just in the pipeline; if the business is strong, we could see much higher numbers. In 2010,154 companies went public, raising $38.7 billion.

Renaissance Capital says its U.S. IPO index was up 20.3 percent in 2010, outperforming the S&P handily, which was up 12.8 percent.

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