In a month where market pundits made it seem like we were experiencing a sell-off we have never seen before, markets were only slightly in risk-off mode, while EVERYTHING (except long treasuries) is now up for the year.
The question for investors is whether the risk-off environment was simply a pause following a sharp rise in risk assets in Q1 (i.e. just the temporary mean reversion seen below).
Or the beginning of a European crisis induced broader sell-off that is a continuation of Q3 2011 (as seen below).
Source: Yahoo Finance