...who inquired about our "time for greed not fear" call on stocks:
"Vix coming down fast, but then when you take the largest negative and turn it into a positive doesn't leave much to complain about... Still worried about foreign stocks I know they r down a lot, exception brazil."
"Yes...and the volatility of the Vix is coming down too. This is "different" than the last rallies...that's the quantitative difference.
And we have a completely different liquidity situation with aggressive policymaking...that's the qualitative difference."
I realize this is a technical answer. Foreign asset holders are now coming back to the U.S., and the rallying dollar only confirmed this today.
A general note: Any readers are invited to email me or comment. with any questions or excoriations.