...has to be "Risk On". This phrase is typically conjured up amongst the CNBC crowd to describe any day when the stock market is up from the lows of the previous day.
But of coursed, "Risk On" as some sort of palliative measure to signal an "all go" to (primarily retail) investors is just silly. All investments...let me repeat that...ALL INVESTMENTS contain "risk". To say that "risk is off" and that means that investors shift assets into bonds and such does not imply that these are completely safe instruments.
Would it be any more instructive if someone said "Beta ON!" or "Variance and Standard Deviation measures GO!"??