TYO - S&P 500 Bulls In Charge But Need New Drivers
By Robert Savage
We maybe tilting at windmills as the relentless rally up in risk in the last week for U.S. equities begets ever more analysis as to why markets react to policy and economic data as bulls beat bears. The cause and effect of why shares are bid in the United States and Europe - less so in Asia and emerging markets - matters. Knowing what caused the rally matters more than the rally itself, as it will be the underpinnings for the next cycle of selling.
The abnormality of the last week stands