The “Great Rotation” continues and we’re not talking about the out of bonds into stocks trade. Clearly hedge funds have sold (are selling) commodities and money is coming out emerging markets into U.S. big cap stocks. These capital flows are reflected in a stronger dollar. Sellers find themselves buying back 5-10 points higher and the bid for decent dividend yielding U.S. stocks seems to be insatiable. The market feels a little tired here but looks like it ready to shoot at the S&P500 closing high of 1565.13. Maybe tomorrow.
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Global Macro Monitor 