Once again there isn’t really much to say about the current state of the equity market. The question is whether these prices can be maintained as we go through earnings season. Some companies will have received a boost from the unseasonably warm weather in Q1 this year versus last year, while others won’t be impacted, and in Q2 we will see the opposite. Thus, in the last month the reaction to bad news has been pretty macho. I don’t think that can continue, but then again I certainly didn’t expect the market to be as strong as it has been since the February lows.
