Of course, that's splitting hairs. I'm more interested in how equities managed to eek out a respectable performance in light of so many fundamental headwinds. To answer this pressing question, I turned to my fellow hedge fund managers that employ physics-based models to better guide their investment decisions by comparing the first quarter performances of 2013 and 2014 in terms of market velocity.
Last year, the first quarter was defined by a relatively even range of trader sentiment, with only a few days where the markets followed a statistically anomalous path.
Regardless of what may actually happen over the next two or three months, I've been very consistent : there's not much room here for improvement (assuming a bullish perspective) but there's plenty of downside just lying in wait. At the very least, a serious consideration to rebalance one's portfolio would be extremely prudent.