The euro zone's upturn is still young and relatively fragile with significant question marks still hanging over the long-term strength of domestic demand.

While the fourth quarter GDP data and the relatively healthy mix of the components further diminishes the chances of a near-term trimming of interest rates, we still believe a 25 basis point interest rate cut is very possible in May.

This marks a significant milestone,

The situation is relatively calm — but it's still fragile.

Certainly we know we've got a lot more to do, but this marks a significant advancement forward for preparedness in Arizona.

There's probably more question marks on this depth chart than we've had the last few years. We've got a lot of young guys that can play but we need to find out if they can get it done at this level.