The market can be summarized in 3 words: Dash for trash.
Josh Brown has a great post titled Trash Rules Everything Around Me, looking at all the old “trash” assets that have been going bonkers of late.
Bank of America is up over 40% since the end of December. Small cap growth is doing great. Oh, and check out European banks!
The STOXX EUROPE 600 Banks Price Index is up over 5% today.
What used to be hated, now people can’t get enough of.
As we said last night, 2012 is not 2011.