
The month of March, according to Bulgarian folklore, marks the beginning of springtime.
The red and white woven threads are not just meaningless decoration, but symbolize the wish for good health. They are the heralds of the coming of spring in Bulgaria and life in general. While white as a color symbolizes purity and soul, red is a symbol of life and passion, thus some ethnologists have proposed that in its very origins the custom might have reminded people of the constant cycle of life and death, the balance of good and bad, of sorrow and happiness in human life. Given as an amulet in the period of spring, when nature gets “reborn” and starts blossoming again it was not only a reminder of that balance but also a wish for health, strength and happiness.

Happy, red and white, smiling and so ......
More info:
http://en.wikipedia.org/wiki/Martenitsa