* Bears Can Take A Hike
The Fed was bullish for Wall Street. Rates shock unlikely near-term, inflation expectations rose, dollar blunted: we expect equities to continue outperforming bonds and cash.
* Dovish For A Reason
Big global money ease of 2015 coincides with patchy growth, negative EPS and underperforming banks. EPS must regain upward momentum for big equity gains, in our view. Japan has the best combo right now of QE and domestic demand.
* Europeans Go East
European profit-taking, no Fed hike, Chinese devaluation/easing...some rotation from Europe to China is likely in coming weeks.