Welcome to April! Normally, the first day of the month sees a small push of new money being put to work in the market. You'd think that would generally lead to an up month—and for the most part, first days of the month are up.
Not recently, however. For some reason, the S&P 500 has been down the first day of the month for the last four months. The last time that happened was 2011; prior to that, we were up six months in a row.
The big issue for this quarter will be: will they economy pick up? We need U.S. gross domestic product to pick up steam from 1.5 to 2 percent in the first quarter, to 2.5 percent in the second, and over 3 percent in the second half.
The big debate on trading desks for Q2 will be growth versus value. The popular trade going into Q1 was to be long growth and short non-growth.