The always excellent Bespoke Investment Group, put out an excellent chart showing the performance in Q1 of many of the major ETFs.  For the S&P 500 it was the best first quarter since 1998, edging out 2010's Q1 with a gain of nearly 5 and a half percent.   Mid caps (my sweet spot) and small caps continue to outperform.  No surprise was the massive outperformance in silver and energy.... but Italy? Who knew?

On the downside, we noted what a rough start to the year India had - it has since recovered some in the past month, but thus far 2011 has been a struggle.  Nat gas continues in its multi year bear market.

[click to enlarge]