Commodity prices, cyclical stocks negative...... Check
Sentiment turning for the worse........................ Check
Markets within spitting distance of new highs ... Of course
Liquidity, it seems, trumps fundamentals. At least at the moment. This should not be surprising, after all Assets = Liabilities is the most basic accounting function. As the Fed (along with the BoJ, BoE, etc etc) continue to add liabilities to the system the price of assets has to rise.
Like: S&P, Nikkei
Dislike: AUD, CAD, JPY
