Is there still room for portfolio rotation into equities?

Will we still see (in the US and the euro zone) a continuation of the equity market rally with portfolio rotation from money and bonds into equities? We believe the answer is yes, because: Real returns on money and bonds will remain negative; The potential for credit spreads to tighten is becoming smaller; The proportion of money in portfolios (in wealth) is still abnormally high. If this rotation occurs, we will see a simultaneous rise in long-term interest rates and share prices.