The nail that sticks up the furthest is hammered first. The S&P 500 leads US equities in their remarkable climb through October, but other asset types with a sensitivity to investor sentiment seem to be disagreeing with the bullishness/optimism insinuated by stocks. Is this a divergence that will last and build? Will one side conform to the other? I am dubious of the 'risk on' drive given the lackluster global balance and already lofty levels for the S&P 500, so I think US stocks will close the gap.