As a reminder we are coming into the end of the first quarter of the year on Monday next, and that should be a prompt for those trying to understand this stock market action, which seems amazingly resilient.

Desperate men and women do desperate things. And to the extent that their 'good fortune' has been excessive and largely unwarranted, so their ability to rationalize even the previously most unthinkable things becomes increasingly possible, and in the end, almost commonplace and compelling, at least to them. There may be no better contemporary showcases for this than Washington and London, although Brussels is certainly in contention.

Have a pleasant evening.