'May head lower over 2-3 months; long-term bull mkt intact'

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Right now it is not the opportunity to add more because the market is too volatile and it is better to say that if it comes back to the old levels you buy again or if it goes down further to buy again. We are in kind of wait and watch mode. What I have seen this year is that whenever there has been any kind of burst upwards there has been a slug of new issues or FPOs or new paper that is coming in the market and a lot of that is still not absorbed.

I have always been a believer that our market is a supply and demand market and right now there is a lot more supply. So, this supply started in March and is still overhanging in April and we haven’t got the allocations that we thought we would get in this quarter. So it is taking time for it to be absorbed.

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