I would characterize March as a relatively good performance in the equity markets.

Global equity markets are in the midst of a pause after a very long upward march.

The Chinese devaluation would be devastating to the equity markets, and it would be good for bonds, ... But that is not a credible fear right now. The inflation that would come from devaluation would cause social instability.

The better tone in global equity markets as crude prices moderate a bit has helped ease risk aversion concerns, to the dollar's benefit.

We are extremely pleased with our record performance this quarter,

Cycles of shortage and surplus characterize the entire history of oil.