Equities:
- The US continues to outperform (including all cap sizes)
- China, India, and Indonesia look intriguing if one wants to add global exposure
Bonds:
- We said it last week and we will say it again, long duration government plays seem like the only option at the moment
- Credit doesn't look compelling; same goes for munis
Cash:
- Keep it VERY simple here
Alternatives:
- Commodities as a whole don't look great but there are a few exceptions
- REITS need to hold support here