The fiscal cliff story has taken a positive turn with just eight trading days left for 2012. This a two-day rally punctuated by House Speaker Boehner’s comments this morning. This equities rally could be called the “Plan B” rally where it seems that there is some Republican flexibility to budge on the tax rates for highest earners. The $250k number has transitioned into $400k. Any back up plan is perceived by the market as forward progress and therefore confirmation of the optimism that’s being baked into the cake. The Dow and S&P are obvious winners for any sort of progress, compromise, and eventual agreement. The ... (full story)