Global Strategy - Asset Allocation - Binky Chadha    The duration of the equity rally without a typical 3-5% pullback has been veryunusual, and the rally is on track to become the longest since WWII. But the speedand the size of the rally have not been unusual and the S&P 500is well within itstrend channel of this economic recovery defined back in 2010-2011during thebig pull- and snap-backs then. The rally has been driven by earnings while themultiple has been in a narrow range over the last year. While multiples are highrelative to their historical averages they are in line with their historical drivers.

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