David Rosenberg: Bonds Are The New Stocks And Stocks Are The New Bonds

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If you are buying equities at current sky-high prices, you are chasing the yield. The mirror image of bonds.

So the equity market has taken off again and the major averages continue to hit new highs. In this last leg of the trade, the defensive rate-sensitives have seen a round of profit-taking but this has really not put much of a dent in the year-to-date price gains in the S&P 500 Telecom (+21 per cent)…