Psychology impacts investor decision-making. The investment tone in 2019 has been dramatically different to that of the 4th quarter of last year. Deep pessimism shifted rapidly back to optimism with the markets retracing their year-end declines and are now off to their strongest start in over a quarter of a century. While a more positive pricing environment has developed, contributors to the 2018 market volatility remain in-place. Deciphering market messages is an integral part of the investment process. Mixed economic and sentiment signals make charting a path forward even more challenging.