China caused waves across our portfolio. First of all, in an admission that something was needed to set GNP growth back on track, China cut interest rates in a new stimulus initiative.

Profit margins are probably the most mean-reverting series in finance. If profit margins do not mean-revert, then something has gone badly wrong with capitalism.

The key reason for the victory dance is that the GOP managed to eliminate Tea Party contenders from major races, mainly by use of vast sums of money.

The gold price drop is more a temporary result of the stratospheric rise of the dollar against other currencies rather than a lack of appeal from the yellow metal. But as I warned last week, I have no idea when this will reverse.

The Fed will end its quantitative easing purchases of government debt as scheduled.

Sweden has reached the real bottom line. Their central bank has cut interest rates it charges to banks to zero for 0.25%.