Get me my broker!
Sell those crappy bond funds I bought when I was scared poopless that the economy was stuck in a 1930s-style deflation. No I want me some of them commodity ETFs and double-leveraged Apple/Facebook ETFs!
Wahoo!
In other words, money is flowing out of fixed income and into stocks and commodities, which makes sense if we think US economic growth will pick up.
The US consumes some commodities as well, the market suddenly remember, after spanking them senseless the last session and a half.
The dollar is a bit of a mixed bag as a result of these flows. AUD/JPY is rebounding nicely after heavy Australian buying on dips again today. Looks like it is risk-on, for now…