Today the market returned to a level very close to its all-time high.

There have been a lot of all-time highs this year, but it's worth noting that markets had a bit of a scare earlier in the month: specifically two or so weeks ago when commodities were getting crushed, and we had a day down over 200 points on the Dow.

Suddenly the dreaded "d-word" deflation was back on the radar.

A quick look at Google Trends shows that the word deflation was used more in April than in any month in the last several.

Combining this with some weak economic data (in China, Europe and the US) as well as the big "triple top" in the market (we're basically at the same level we were at before the last two crashes) there was a sharp turn for the negative.

Yet here we are, basically having erased all of that.

Scare over.

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