Goldman expects a “relatively flat equity market” in the second quarter followed by a rise in the S&P 500 to a 1,625 by year-end led by cyclicals. — Marketwatch

“The media were waiting for Cypriots smashing windows of banks. Their dreams were not fulfilled—Cypriots are decent people,” said one man of roughly retirement age, who stood outside a Bank of Cyprus branch holding a leaflet that read: “Why must international media be so greedy of horror scenarios?!…Solidarity with the people of Cyprus, NOT their banks.”

Some Cypriots said they would wait a few days before going to their banks.

“We came here for the action. We just want to see what’s going on, but we don’t plan to go to the banks today or tomorrow,” said bus driver Nikos Panagiotou, 38 years old, who stopped at a Bank of Cyprus branch along with a colleague, George Nikolaou, 64, before heading to work. “We will wait for things to calm down. Our wages may be delayed for two to three days but that’s OK,” said Mr. Panagiotou.

Pointing at his bald head, he added: “I have already had my haircut, so I don’t mind.” — WSJ

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Lines are orderly.  No bank runs here, according to reports.  That’s bullish if Eurozone citizens remain confident in the banking system.  

WASHINGTON (MarketWatch) — U.S. service companies such as retailers and restaurants grew in February at their fastest pace in a year, suggesting that the economy is picking up a bit of steam, according to a monthly survey of senior executives. — Marketwatch

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This is bullish and is the reason why the Dow hit an all-time high.  The U.S. economy continues to chug along despite a worsening global backdrop. 

“Conditions in the housing market look much better now than at the beginning of 2012 and an increasing number of housing markets are showing signs of recovery, which should bode well for future home sales later this year,” said Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “However, uncertainties stemming from last month’s fiscal cliff negotiations contributed to the pause in builder confidence and continuing discussions among policymakers related to spending cuts and the future of the mortgage interest deduction could put a damper on housing demand in the coming months.” — NAHB

Latest reading shows a plunge to the lowest level since the start of the recovery.  Given the strong correlation of jobless claims with stock returns this indicator shows that bulls have the upper hand.

Asian stocks rose, with the regional benchmark index heading for its longest streak of gains in three years, amid speculation the Federal Reserve will step up monetary easing. — Bloomberg

“There was enormous irrational exuberance for global shale development,” says Joseph Stanislaw, an independent senior energy adviser to Deloitte LLP. “Then the industry ran into reality. Global shale will happen and when it does begin, it will take off with the same force we’ve seen in the U.S. But the timeline will take longer than people think.” — WSJ

In a bid to garner enough support to pass the spending cuts, Mr. Samaras has gone out on a limb saying that no further austerity is needed. However, if Greece misses promised budget targets to international creditors it may be forced to impose additional painful cuts in an economy that has been shrinking for five years. — WSJ

Bullish for the construction industry in the year to come.