After Fridays big run up in the equity market we now find ourselves trading at roughly 14x 2013 earnings. Many traders on Wall Street think we have come to far too fast, especially with growth hovering around 2% and we agree. This morning European markets renewed their belief that there is still much risk in the Eurozone. The markets needed some excuse to sell off a bit and that is what we are seeing today. If we do sell down, our expectation is the market will be down 3-5% before we resume this uptrend we saw this January.
