Vestiges From The Last Ice Age

Revised GDP numbers in this morning show US GDP declining 1% in the 1st quarter.  Analysts are already looking beyond that print to 2nd quarter numbers which by some estimates could grow in excess of 3.5%.  The 1st quarter ended March 31st.  It probably snowed here in Chicago that day.  I know it did April 15th because I have the pictures to prove it.  

That GDP print is the last vestige from our most recent ice age which we're now finding out had a bigger impact on the economy than many perhaps thought.  That's behind us now and markets seem to be focusing on signs of a pickup in economic activity.  Could be why the stock market's decided to stage a bit of a rally with the S&P 500 recently breaking through resistance to new all time highs.

And if you're reading this in California where its probably going to be 1 bazillion degrees today and you don't believe what I'm selling, then look at these pictures from Memorial Day weekend up on Lake Superior where estimates suggest that over 4% of the lake is still frozen.  Photos are from the Huffington Post.com.