Back to the Future?

Shoot first and ask questions later! The new banking crisis in Portugal is raising concern as well as reminding investors of the ongoing 'fragility' of Europe's banking system - Is this an isolated event or is it just the tip of another iceberg that has yet to come to the surface. Throw in the commentary from James Bullard and you had a perfect thunderstorm - for the day.

Stocks around the world sold off - in a kind of 'Back to the Future" moment...with the fear of contagion possibly spreading around the region and 'higher interest rates sooner than expected' giving global investors the needed catalyst to rotate out of some risk. This was clear as treasuries rallied in the classic 'flight to safety' play.

Ok...let's just put it out there.....- RATES are going up (at some point). Does it really make a difference if it is April 2015 vs. June 2015? No. Would it make a difference is he said rates are going up 4Q 2014 - Yes. But again - he did NOT say that - he just danced around the edge of the dance floor.....looking for someone to dance with.....while raising the temperature in the room....

As I said yesterday on CNBC Power Lunch w/Sue and Tyler - I think this 'issue' will prove to be an isolated event and one that is contained thus not the threat that maybe some think it is.

A sell off around the world because of the financial condition of one Portuguese bank is hardly a reason to say that disaster has struck - The news led investors to 'speculate' that the issues go beyond Espirito Santo - the question is - do they? Is this issue really new news? Didn't regulators find 'irregularities' in May 2014?

Now if you said that the country is on the verge of financial ruin - that might suggest a larger problem - but that is not the news.....in the end all it does is remind us that global mkts just might be a bit 'over extended'. No?

And Gold - oh yes - exploded higher - traded to $1346 before settling in at $1339.... The move being helped by the rising tensions in the Middle East.

In addition - it seems all of a sudden that we are getting MORE calls for an imminent pullback - yesterday Citibank's Chief US Equity Strategist joined the chorus strategists and is now warning of a 'severe' pullback.....so you have to ask - has his view changed as a result of the Portuguese banking crisis or is he just jumping on the 'band wagon' and warning of a possible pullback vs. calling for a pullback.

You see - here's the rub.....they play both sides of the fence - this way they are never wrong. A warning is just that.....a possible sign of impending danger - it is NOT a call for such danger.....

Either you believe that a pullback is coming or you don't. Either your research tells you that a pullback is coming or it doesn't. Warning of a pullback when speculation and easy monetary policy have done nothing but feed the beast is an easy call....at some point there will be a pullback - they are charged with defining it.....Did Citi define it? Not so much....

So what's up today? Global mkts are rebounding a bit.....Asian mkts were mixed and European mkts are all higher after the pounding they got yesterday. Mario Draghi making news this morning as he called on Eurozone governments to be compelled to consider such reforms as liberalizing labor mkts and overhauling the sacred pension system.

US futures are +3 pts at 1361... - Yesterday we bounced right off of 1945 (as expected). I would look for us to remain in the 1945/1975 range as we move into the weekend.

No eco data today but we do have two Chucks speaking today. Philly FED Chuck Plosser at 11:15 and Chicago FED's very own Chuck Evans at 2 pm.

In addition - brace yourself for WFC earnings - this will be a key release today - as it allows Wells to be the first out of the gate....there has been a lot of discussion in the last couple of days about the financials...most of them have a negative bent - as the media and the companies try to get the negatives out in front - a kind of confessional really.....

We have seen the sector come under pressure as a result - (sell the rumor/buy the news mentality)... Now WFC is expected to report $1.01/sh - the slowest rate of growth in 4 yrs....as mortgages , refi-s and a slow spring selling season all impact their results. Already in pre-mkt trading - initial prints are .40 cts higher vs. last night's close.....but the 'day is still young' so much can change.

Japan - 0.34%, Hong Kong - 0.02%, ASX +0.41% and China +0.42%.

FTSE +0.278%, CAC 40 +0.67%, DAX +0.23%, Eurostoxx +0.74%, Spain +1.36% and Italy +1.65%

Grilled Pizza -

The weekend is here....weather is going to be great....put on your shorts, go to the beach, get in the ocean and work on that summer bronze. Nothing like salt water to give you that summer glow.

Grilled Pizza - It's fun, everyone can join in and create what you want. Once you cook it up on the grill - you will find that you get a completely different texture - it comes out lighter, crispier and crunchy....delish!

When you doing pizza on the grill - there are so many things you make it with....the only important key is - whatever you decide to use - make sure you have it ready to go...so set up a outdoor table with your ingredients and get ready to rumble....You need a wooden pizza peel, the dough and toppings of your choice...

Today we will use everything from your garden....fresh garden tomatoes, basil, some grilled zucchini, caramelized onions and olive oil, s&p.

Allow the dough to come to room temperature before you even try to roll it out. If you buy a store bought pizza dough - remove it from the package - flour it up and let it sit out on a plate - covered in saran wrap until it expands and is ready to go. Usually takes about 30 mins or so to come to room temp.

Light the grill - heat it up really hot - use your grill brush to clean it and then turn the heat to med.....If you have a brush - quickly oil the grate....(do not use a spray to oil the grill grates while the grill is on - Hello!)

Next - flour the counter and roll it out..... - flour the pizza board and place the dough on it. Transfer to the grill - that's right - just the dough - we have not added any ingredients yet. Once it is on the grill - Do not move it around. Using tongs - check it out once it start to bubble..(within 4 mins or so) The bottom should be crispy with nice grill marks.
Now remove and place back on the pizza board - Cooked side up. Now - add the sliced tomatoes, caramelized onions, grilled zucchini and slices of fresh mozz.....return to the grill...once the cheese begins to melt - it should be done. Check it out with the tongs and using the pizza board - remove from the grill. - At this point if you want you can now add fresh chopped Arugula. Using a pizza knife - cut and serve.


Buon Appetito.