It was like someone turned on the lights at the high school dance. Not only did people begin to realize that the party was over, they also realized that they didn't really know who they had been dancing with.
I think the biggest risk to Canadian equities (in 2006) is that we see a more aggressive spike higher in the Canadian dollar, which does put pressure on earnings and obviously competitiveness.
While the recovery above the break-even threshold is a relief, it remains well back of the highs set in the fourth quarter and we would suspect that the appreciation in the Canadian dollar is restraining optimism.