Volatility is back in 2018. The low volatility in 2017 was abnormal. The markets are back to normal. Economic activity has increased and gained momentum. This will boost earnings in the US and the world. The markets have had a minor correction so far. Amazingly, fear has gripped every investor. The bull market that started almost 10 years ago has had five corrections above 10%. The current one has been about 12%. Each time the correction ended and moved to make new highs. I don’t believe this one will be any different. Until I see signs of a recession, I will not issue any major warning.