Salient to Investors:

Strategas Research Partners said stocks are cheap. Of the respective 15-year average, their value in P/E ratio terms is 95%, in enterprise value to cash flow is 85%, in oil terms is 65%, and in gold terms is 58%. Jason Trennert at Strategas said a number of their institutional clients see stocks as an asset class for which there is no alternative thanks to negative real interest rates.

Central banks are effectively paying investors to take risk, while US corporations offer the only real opportunity for growth. Investors say they have no choice but to buy stocks.

G-20 says monetary policy needs to remains accommodative, Britain says it won’t take risks with recovery, and the IMF recommends economic support for the Ukraine.

Technically, stocks remain in a rising channel.

The S&P 500 at 1,836 is below even the lowest year-end target of the 21 strategists tracked by Bloomberg.

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