When Australia's three big miners and biggest bank hit all-time highs in the same week, you know equities investors are in for a good time. When you add multi-year highs from big industrials Wesfarmers, Boral and Seven Group, fuel retailers Ampol and Viva Energy, retailer JB Hi-Fi, property owner and developer Goodman Group and online classifieds heavyweights Seek and Car Group, as happened on Tuesday, you can see this is a broad-based boom time for investors.
It is the sort of rally that has fund managers interrupting holidays to throw spare cash at the market. No one wants to miss it. Santa has been dropping presents down investors' chimneys for six weeks now and barely a sector has been left behind. The broad-based nature of this rally, as shown by big names at both ends of the S&P/ASX 200's barbell hitting record highs and lifting the index to within one point of its own high, makes this rally more about the macroeconomy than near-term profits, earnings or margins