Last year was difficult for European corporate earnings and stock market performance, with this year not appearing much better.

The bull market celebrated its seventh birthday on Wednesday, March 9, 2016. S&P 500 earnings have more than doubled and provided a good deal of support for this bull.

We see four primary drivers of gold prices: currency movements, inflation expectations, safe haven demand, and jewelry demand.

The collapse in oil prices has impacted the entire equity market, an unusual pattern that is expected to eventually reverse.

Sentiment from corporate America has deteriorated this quarter based on our Corporate Beige Book, but generally remains positive.

Down 8.8% though 29 trading days, 2016 is the third worst start for stocks over the past nearly 90 years. A comparison of market, sentiment, technical and fundamental indicators to prior bear market lows provides some encouraging signs.