Stocks got a vote of confidence last week, plus some short-covering support (and perhaps some panic buying (for fear of missing out), and now the S&P 500 as of Friday is down only -2.2% YTD, and up +8% since its close on February 12. The Russell 2000 small caps are up +12% over the same timeframe. At the same time, when priced in constant US dollar, we see that Chinese stocks are down -19% YTD, Italy -14%, Germany -8%, Japan -5% (and -10% in yen), while Brazil is up +20%, Colombia +13%, Russia +9%, and Canada +5%.