Salient to Investors:

Eric Thorne at Bryn Mawr Trust said we have not seen any major resolution to Europe, yet stocks ignore what’s going on there and reach all-time highs anyway.

Witold Bahrke at PFA Pension A/S said Europe is in desperate need for growth, but today’s bad PMI is signaling a worsening of growth prospects, which combined with increasing political risk, is normally a recipe for renewed euro stress.

Unlike past bull markets, where a single industry dominated, all groups have improved in this rally. None of the 10 industry measures represents more than 18 percent of the S&P 500 index, versus in 2000 when tech made up 35 percent of the index and in 2006 when financial stocks made up 22 percent.

Stephen Wood at Russell Investments said the breadth of this rally is remarkable – small, medium, large, defensive, dynamic, value, growth.

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