With the market showing some signs of life, it's easy to believe there's a rally about to happen. Not just a few hundred points, but a real rally that will take the Dow Jones Industrial Average above 11,000. Not gonna happen.

While earnings have been good in many sectors (stellar in tech), the overall economic picture continues to point to an even slower economy. Even the Fed heads advise to keep our expectations low. Housing prices aren't moving up, except in a few regions. Employment isn't improving. While interest rates are low, no one wants to borrow, especially if they've been laid off for six months. Companies are sitting on billions in cash, looking to spend on more tech but not people.

MOST NOTEWORTHY: HQ Sustainable Maritime, Wyndham and Cathay General Bancorp were today's noteworthy initiations:

• Cowen views HQ Sustainable Maritime (NYSE: HQS) as undervalued and a future winner in the "green economics" game. The firm started shares with an Outperform rating.
  
• JP Morgan initiated Wyndham (NYSE: WYN) with an Overweight rating. The firm finds the valuation attractive given the company's fee-based business model and attractive international growth opportunities.
  
• B. Riley assumed Cathay General Bancorp (NASDAQ: CATY) with a Buy rating and $16 target and believes the company's valuation discount to peers is unwarranted.

OTHER INITIATIONS:

• BGC Parnters (NASDAQ: BGCP) was initiated at Deutsche Bank with a Buy rating and $13 target.
  
• Friedman Billings initiated Maiden Holdings (NASDAQ: MHLD) with an Outperform rating and $11.50 target.
  
• Sandler assumed CRM Holdings (NASDAQ: CRMH) with a Buy rating and $6.50 target.