While not disagreeing with anything said, what I have observed is broad, alternating themes of (1) reflation which is accompanied by strength in commodities and equities and (2) deflation which is accompanied by strength in the dollar and US Treasuries.
Rally Is Not Structurally Based [View article]
Art Cashin embraces this view and believes that money is leaving debt and going into equities, cautioning things could change in a moment.
Friday's Options Recap [View article]
Key Factors Driving the Market [View article]
These relationships can be see here:
stockcharts.com/charts...