Salient to Investors:

David Cassidy at UBS said there is risk of a correction, but people are not positioned for this rally and are still scrambling to buy so I am not bearish on equities.

The MSCI Asia Pacific Index is up 3.3 percent in 2013, less than the 6.7 percent advance for S&P 500. 51 percent of the 331 MSCI Asia Pacific Index companies so far reporting have exceeded profit expectations versus 73 percent of the S&P 500 companies that have topped.

The MSCI Asia Pacific Index trades at 14.8 times average estimated earnings versus 13.7 for the S&P 500 and 12.4 times for the Stoxx Europe 600 Index.

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