Valuation headwinds notwithstanding, the world’s money continues to pour into the North American equity space.

Clearly, the S&P 500 SPDR Trust (SPY) performed remarkably well in 2014. For improved risk-adjusted rewards, it could easily have been paired with Vanguard Total Bond.

HSBC’s most recent Purchasing Managers’ Index (PMI) for the Chinese economy rose to 50.5 from a final reading of 50.2 in August. The manufacturing sector may be expanding, but the growth is noticeably restrained.

The SDPR S&P 500 (SPY) barely missed a beat in either 2013 or 2014. U.S. small-caps appear far more vulnerable, and I have precious little exposure to that arena.

The SPDR Select Consumer Discretionary (XLY):S&P 500 price ratio has bounced off its lows, yet continues to remind investors to rethink their allocation.

What A Difference A Week Makes