Everything Rally Appears to Begin As Market Begins Seeing Through Headline Risks

Key Takeaways - S&P 500 closed at 4,471.37 up significantly from the 4,391.34 last week. The start to earnings season has been strong. - Retail numbers showed that Americans are ready to spend again, and this data is supportive of an element of our thesis that pent-up demand has been delayed, not destroyed. - The VIX amazingly settled at $16.30. It was well over $25 less than a month ago. - We remain medium-term bullish on equity markets and our team suggests that valuations are more reasonable than commentary would suggest. __________________________________