Introduction

Despite heavy rains and wind, April did deliver some nice little returns for the major market indexes. So far this year, the NASDAQ composite has gained right around 17%, a pretty sharp reversal from the first 10 months of last year. The VIXR volatility index ended last week at its lowest level in 17 months. By the time you hear this, First Republic will either be placed into receivership by the FDIC or sold to another bank for a song.