Most global equity markets are still in uptrends, but I'm not convinced we've seen a deep flush yet. We haven't seen the big surge in new lows or capitulation signals that would mark a bottom.

It's crazy that narratives suggest central banks will tighten into energy shocks - they've learned not to do that. If energy situation worsens, we should talk about more cuts, not fewer.

Our barometer for economic growth is consumer discretionary relative to consumer staples. We've seen modest correction in that pair over last 5-6 weeks.