IN THIS ISSUE

• Macro Strategy — Strong Profits and Tame Oil Prices Likely to Keep Economy Going: With Federal Reserve restraint out of the way, the profit cycle is likely to be extended by tailwinds from fiscal stimulus and deregulation, all supportive of economic growth and risk-asset performance.
  
  
• Market View — The First-Half Market Turnaround and the Economic Cycle: The market appears to be signaling that an extended economic cycle should prolong the uptrend and that participants should stay invested.
  
  
• Thought of the Week — Is the Bull Recharged for the Second Half?: Momentum seems to be building in favor of further upside ahead, especially as a better technical picture coalesces with a positive fundamental story.