The gap between inflation expectations and inflation targets as defined by intermarket analysis is fairly large now, which continues to mean that something's gotta give. Emerging markets remain the next fat pitch for us, and some strength does appear to be kicking in. This is an issue worth paying attention too as large buybacks in particular tend to occur at/near market peaks for a simple reason -- companies tend to have 'too much' cash when things are peaking and confidence in the future is at extremely high levels.