The market has gone up but earnings have gone up with it, so the market still hasn't been stretched on a valuation basis.

The lower oil price is taking away some of the tension. There has been a great deal of volatility over the last month and now people are trying to pick up the pieces and are looking for a few bargains.

The market's not that stretched on valuations, it's a bit frothy because of the takeover activity but at the end of the day companies are quite cheap.

Results are coming in in line or slightly ahead, if we do see a broad economic recovery in Europe, people's estimates can still be revised up quite a bit.

As soon as the market runs away a little bit, there's a little of profit taking, taking the wind out of the sails a little bit. The underlying feeling is there's plenty of money possibly coming into the market.