Everything is rallying because of central bank stimulus

The chart below plots a wide variety of assets across classes and geographies since the end of October. Since then, virtually every asset class has rallied, with the exception of the Euro             , the Yen, and oil             .

It's worth noting since the end of October, we've seen the following:

The Bank of Japan's major stimulus announcement
Stimulus talk from the ECB
The onset of negative interest rates at the consumer level in Germany

So, are the yen and the euro             the carry trade currencies that are fueling purchases of everything else? Even oil             , which is down since the start of November, now has a pattern of rising lows in formation, which might portend a rally.

If stimulus from the central banks is causing everything to rally, it may be worth considering the direction and volume of stimulus to come in the months ahead from other major central banks.

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