The beginning of 2016 started in an emotional frenzy, as world markets dropped sharply out of the gates on fears of a sputtering world economy, plummeting commodity prices, a stubbornly hawkish Federal Reserve, and a decelerating earnings backdrop. The violence of the move in January was stunning, and by early February the number of world markets that had fallen more than 20% from their highs clearly argued that a bear market across the globe was taking place. But with share prices falling so fast, gloom quickly took hold and set the market up for a rally off the lows. What has unfolded since mid-February is a rally to the upside that has been just as violent and abrupt as the drop in markets that preceded it. The genesis of the rally was likely too much short term pessimism and oversold conditions, but it was also aided by more European central bank intervention and a Federal Reserve that was forced to pull back some of its hawkish rhetoric.