Markets continued to shrug off “bad news” and climbed the wall of worry into new high territory. In continuing with the constant theme of only price pays, ask yourself if your returns for the first quarter would have been better if you had not known any of the news which was supposed to be so bad for our markets? Fiscal Cliff, Italian elections, Sequestration, Cyprus and many other distractions gave fuel to bearish arguments but the market said the events were all irrelevant for now. At some point our markets will experience a deeper correction and one of these or some other story will be given credit for it but we cannot worry about what ifs, we only have current information to trade on and the market interprets it as bullish. Regardless of what environment we have in the market our jobs is to find low risk setups (not chase extended moves) where there is a decent potential for profit and then manage risk. Enjoy your long weekend!