I look at other equity markets, including Europe, China, Japan, etc. And none of them have the lift or the sustainable buying of the S&P. Even yesterday, with Draghi hinting about more bazookas down the road, the European market couldn't sustain a rally, but as soon as Europe closed, the S&P hit another gear and just grinded higher and higher. And of course overnight, you get the drift higher on no volume, regardless of how world markets do. Divergence between US and European equities just grows and grows.
Today we got an in forecast nonfarm payrolls number and the reaction is muted, both in Treasuries and in stocks. Expecting another boring grind higher up day, what's new. You can't fight the money flows, they are all going to one place: US equities.
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