Follow the Leaders

(1) Fed is first among equals, but other central banks matter too. (2) Our homemade leading indicators are looking up for earnings. (3) Boom-Bust Barometer now showing more boom than bust. (4) Valuation measures showing too much exuberance. (5) CEOs/CFOs could drive P/Es higher with more buybacks and M&A. (6) Bull/Bear Ratio is neither. (7) Draghi’s “Seinfeld” (i.e., nothing happened) press conference followed by a very happening press release on corporate bond purchases. (8) ECB’s bond buying could contribute to stock melt-up scenario. (9) BOJ talking about NIRLs. (10) “Elvis & Nixon” (+ + +).