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Bailey McCann, Opalesque New York:

Although the US successfully averted a second global recession for at least a few months, there aren't many winners coming out of the latest fiscal cliff deal. Yet, for the US equities market and alternative investment firms, things could've been a lot worse. US equities ended the day on a high note in the first trading day after the deal was announced. So far, Asian markets which had been holding their breath during the negotiations now seem to be ticking to the upside. Alternative investment firms may also find one other positive: carried interest rules remain in tact.

US Stocks pushed the S&P 500 up 13% today, making one of the best days in recent months for US equities. The rally may continue on through the end of the week, offering a post holiday bounce to some portfolios. However, US watchers and participants probably shouldn't hope for much more than that. Several hurdles are coming up and even though a deal was reached, there is no indication that the pressure is off.

The Asian market......................

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