I see April performance for the S&P 500 as signaling the market shifting into neutral after gaining a tad less than +21% over the past twelve months. This typically coincides with a mindset change from a strong emphasis on concept to a greater concern with valuation. At the same time, I see the market as continuing its fascination with bot-think–that is, a focus on quick reaction to company news releases rather than on securities analysis that anticipates what they will contain. Cheaper, yes; more effective, I don’t know. If I’m right about the market mindset, however, then unusually little (vs. past experience) of economy better/interest rates higher is already baked in the cake.