The buying in the S&P 500 is relentless as the moment as it wipes out the year-to-date losses in a 30-point rally to 2062.
The mid-January high at 2064 is the next level of resistance.
S&P 500
Stocks like cheap money, whether it’s European, US or Japanese and the taps are wide open even if Yellen is talking about a rate hike or two.
One of the things to look for is US companies issuing bonds in Europe. A genius move by Apple in early November was issuing bonds in euros. They sold 8 and 12 year notes at yields from 1.08% to $1.67%. Had they switched that back into dollars at the time, the 10% FX gain since then would have essentially covered all the interest on the loan.
In 2014, the FT reported that US companies issued 23% more euro-denominated bonds year-over-year.
