The TSX was closed on Good Friday, so it was a short week. Short and negative. Stocks ended the week more than 2% lower than at the start. In all honesty, I’m surprised. I thought the market was on the verge of resuming optimistic growth. Strangely, however, stocks and bonds both fell in value. The only bright spot of news was that my decision to ignore my asset rotation signal worked out. Becuase real estate and emerging markets showed similar levels of momentum, when the latter pulled slightly ahead of the former, I chose not to act. Real estate (XRE) outperformed over the last four days, being the only index to advance, and it is again the asset class to own over the coming week.