S&P 500 hits a new record high

Fresh record for equities

Fresh record for equities

The bid in US equities is always there, it’s just a matter of how large it is on any given day. Today it’s small but it’s another record, up 7.6 points to 4455.

The reality is that the TINA  trade is unstoppable: There is no alternative. When you combine awful returns in fixed income and ultra-low borrowing rates, there’s an endless pool of money. It makes equities even trading at 24x earnings an attractive proposition.

The game is to get out of the way of economic risks and Fed hawkish talk but even after 100 bps of Fed hiking, I don’t see how the game is really changed.

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