Alessandro ReginatoBTIG’s Dan Greenhaus characterises some of his recent conversations with clients:
We are currently on the road and have been meeting with clients fairly consistently from late February through today. We can say unequivocally that conversations with clients have turned remarkably bullish in the last several months, especially so this year. The performance of U.S. equities in the face of Cyprus’ troubles is just the latest piece of evidence that “the market just wants to go higher.” Maybe so, but the issue we’re having now is that the rally is becoming increasingly a select story; Australia, Spain, Brazil, Italy, China, Canada and Mexico all have equity markets that do not look like the United States or Japan.
Another analyst we spoke to this week reported the same thing. If there’s one bet that people feel they have to make right now, it’s long US equities. US outperformance is one of the big economic stories, and it’s hard to justify betting against US stocks.
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