Equity Insights - April 2014 - Bull markets don't come easy: We maintain our call from May 16th that the market will experience a two year bull market to 6500...

Equity Insights - April 2014 - Bull markets don't come easy: We maintain our call from May 16th that the market will experience a two year bull market to 6500 (S&P 300) based on a US and China lead global recovery. On Jan 21st we suggested a rotation out of cyclicals into yield due to stretched valuation and global macro risk with tapering. We turned short term positive on Mar 25th as the market priced in global manufacturing slow down, while looking past Ukraine risk. We do not see the local economy hitting its straps until unemployment bottoms after the May budget and September reporting season. For macro, sector and stock views refer to link. (VIEW LINK)