Summary: The U.S. economy and the corporate earnings continued to grow in the first quarter, fueling the ongoing rally. The fourth quarter of 2018 saw investors sell stocks on the assumption that the Federal Reserve’s intention to raise interest rates would hamstring an already fatigued U.S. and global economy, probably sparking a recession. The year-to-date reversal, on the other hand, reflects the Fed’s pivot away from raising rates, ongoing growth in the economy and corporate earnings, and lately, investors chasing rising stock prices. At least that’s how we see the market’s action in the last few weeks. Our view: the opportunity to buy has passed but we remain bullish.