From "Market Forcast"

"Yesterday, Canada joined the ranks of countries continuing their rate-cutting policy very aggressively as the central bank of Canada lowered its benchmark interest rate to 1.5 percent, its lowest rate in fifty years. Canada has slashed its interest rate by more than half in the past year, but even more action could possibly be on the way. Canadian banks still have the best rating among world banks, but, like most others, they've been reluctant to lend amidst the current credit crisis, and the stimulus should be one of the ways to help restoring economic activity.

Another sign of the ongoing flight to safety was the dubious record set yesterday by U.S. Treasury bills. For the first time ever, they were trading at a negative discount rate, meaning that nervous investors elected to pay the government for the right to store money with it. Some money-market mutual fund managers are now turning away new Treasury investors because they simply cannot invest the new money. However, here's a silver lining: The low borrowing cost for the Treasury could help President-elect Obama in dealing with a massive budget deficit.

Once even a small part of that cash which today earns literally nothing returns to stock market, the rally could be very strong. Most indicators are pointing to that."