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The downside risk is 33% based on earnings multiples right now from current levels. That’s flat with a week ago as prices and fundamentals were essentially unchanged.
The week started with First Republic Bank reporting earnings which reflected a bank on the brink of collapse. The first quarter GDP Report came in much weaker than expected – with growth of only 1.1% - about half of what had been forecast.
It was a mixed bag for stocks in the abbreviated trading week in advance of what’s likely soon to be a heavy dose of volatility.
For a second consecutive week stocks managed to climb the wall of worry to close out the first quarter on a positive note.
Stocks managed to climb the wall of worry last week to post modest gains across the board. This came despite continued fears of contagion in the banking crisis – most recently with Deutsche Bank.