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Pinpoints: 'The Money Tsunami Has Arrived'
"What's happened? Dead simple. The money tsunami has arrived." Or so proclaims Bill Blain of Mint Partners, as equities book a record start to the year, fixed-income rallies through key levels like 6 percent for average high-yield securities, and safe-haven Treasurys suffer. "The wall of money overhanging the market for months took the 'resolution' of the first part of the US fiscal cliff 'resolution' as the buy signal, and all the cash longs find themselves desperately trying to buy returns in bonds," says Mr. Blain, adding: "No one, absolutely no one, is a seller."
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