Widening Divergence

(1) S&P 500 going boldly. (2) Not going according to bears’ script. (3) YRI Global Growth Barometer flatlining. (4) Commodities and emerging markets underperforming. (5) Fundamental Stock Market Indicator diverging less with S&P 500. (6) Not much inflation in OECD’s advanced economies. (7) Not enough demand or too much supply? (8) Might easy money be deflationary rather than inflationary? (9) Productivity is outpacing real pay. (10) Excess supply of labor? (11) Unit labor costs driving inflation. (12) Focus on overweight-rated S&P 500 housing-related industries.