Are Risky Assets Back in Vogue?

Barrons,
In the manic world of Wall Street, the tide can roll in and roll back out with blazing speed. Just two weeks ago, the talk was centered on deflation as yields in the Treasury market plummeted and stocks threatened a major technical breakdown.

This week, with stocks freshened by one of the stronger months we've seen recently and with many commodities on the move higher, the outlook seems to have changed. Have investors changed their minds and are now willing to take on more risk?

I don't think so. The stock market's recent recovery is fueled more by investors grasping for hope of anything positive rather than an underlying change in the structure of the markets.

Stocks were extended to the downside, and Treasuries were extended to the upside as fears ran high. Gold, one safe haven in times of duress, was tired. So was the Japanese yen—the safe haven in the currency world—especially versus the euro. (more)