There is no alternative to stocks
As I wrote at the start of the day:
Yesterday's capital gains panic has given way to the question: What else are you going to do with your money?
TINA -- there is no alternative.
Bonds are trash and paying 40% in capital gains is better than paying 0% without any capital appreciation.
The S&P 500 is at the highs of the day, up 49 points to 4183. That's completely erased yesterday's bizarre drop on capital gains worries.
The FX market wasn't overly bothered by the drop in equities yesterday so it's not a big surprise that it's not gushing about the rebound. That said, some AUD strength is beginning to creep in and there might be some buy stops above 0.7745.
That said, we're running out of time in the week.
