With a lack of volatility in the absence of negative news out of Europe, U.S. equities drifted higher last week on very light volumes. Canadian equities are not participating in kind as our market is dominated by resource stocks which have lagged due to negative sentiment toward commodities. Concern surrounding slower growth in China has weighed on commodity stocks, and this morning's reaction is further evidence of China's importance. Bonds finally sold off as the U.S. 10-year yield backed up to 2.38% from below 2% two weeks ago.