Following a rocky start to the New Year, markets found a degree of stability in February. Despite a high level of intra-month volatility, most major equity markets finished the month either flat or slightly lower for the month, rallying strongly in the final 2 weeks of the month. It now appears that in January and the early part of February, markets sharply overacted to the fear of a global recession and had become over sold. It was a pleasing sign that markets demonstrated the resilience to rebound strongly from their intra-month lows.