PAR FRANCOIS SAVARY, CIO www.genvil.ch

What is pulling US stock market6s to new levels? Gold, Bond yields and stock markets are all going up in unison. Is this unusual ? Inflation could be the party-pooper. Beware of uplifts and revisions. PE ratio's are high already and can't be stretched much more therefore higher EPS are required for much higher stock market levels. $6Trillion of money market funds are waiting on the sidelines to benefit from any market drops. China has been dissapointing. Increased consumption is the key