I still think the global markets have upside. We have a 350 target for the MSCI-ACWI which is the global benchmark and that's probably 10 or 15% higher from where we are today. I think that's really driven by the earnings story globally, and as long as we don't see a double-dip globally in the economy, and obviously there are bigger fears of that now because of what's happening in China and also in Europe, but as long as we don't see that, and that's the forecast we have from Ethan Harris who is our global economist, earnings will be fine. I think earnings going up is going to take the market higher but I would certainly caution right now about jumping into the market. I think over the next couple of weeks you've really got to see the Europeans, the Chinese, step up. Until you do, we won't be issuing a buy signal.
~Michael Hartnett, Chief Global Equity Strategist, BofA Merrill Lynch Global Research, "Market Update: Is Volatility Back?", May 7, 2010