During a quarter when talk of a nearing recession was as prevalent as its been in a long time, we also established a new low in unemployment claims and received early signs of a pick-up in the ailing manufacturing sector with the March ISM New Orders posting a 16 month high. This dichotomy showed up in the market too as the S&P 500 Index recorded its 9th worst January of all time, and then followed it up with a sharp snapback rally to finish the quarter up 1%.