"U.S. stocks are on the rich side, especially small-cap. And everytime QE has ended since 2009, we've seen stock volatility telling us that the economic activity underneath all of this is still relatively weak. Despite the improvement we've seen in the economy, the market had largely priced that in on the U.S. side. So to us, the more attractive side is outside the U.S. when it comes to stocks."
"The emerging markets are very attractive on a relative basis. But so is Europe. And today's activity is telling you that any sign of any activity from a policy standpoint in Europe has the spark to really ignite those markets because they are so cheap."
Interesting points. There has to be a ratio trade in there somewhere. Thoughts? If interested, I will post charts of ratios that look interesting on a technical basis in the comment section.