The Dow's Outperformance in the First Quarter

Timothy Stanley: The rally that felt concentrated in January and then sort of lost a lot of its bite. He says people are hoping the Fed will cut rates, which historically has been a bullish thing. If they were to cut rates in the back half of this year, it would be for very bad reasons, he says. "I just think the fundamentals are not in place for this kind of... We're showing a chart there, Tim, of a lot of the Dow laggards, and the Dow has been the laggard"