WHERE IS ALL THIS JOY COMING FROM...
WELL FOR ONE THING THE FED HAS PRETTY MUCH TOLD THE MARKETS THAT THEY WILL NOT BE ALLOWED TO FAIL...
THE FED WILL PUMP AND PUMP AND PUMP UNTIL THE PUMP AND DUMP AND ASSET INFLATION IS UP AND RUNNING...NO MATTER WHAT...
SO WITH THE CONFIDENCE THAT THE FED WILL DO ANYTHING IN IT'S POWER TO SAVE THE MARKET AND KEEP THE PUNCH BOWL FILLED TO OVERFLOWING...
WHY NOT JUST RALLY ON...? THIS IS A MARKET THAT REALLY HAS NO SUSTAINABLE DOWNSIDE RISK...
AND THE FED WILL DESTROY THE DOLLAR IF IT HAS TO TO PROVE IT...
AND THAT IS WHERE THE REAL TROUBLE WILL COME IN...WITH THE DOLLAR AND THE COMMODITIES MARKETS...
COST PULL INFLATION IS THE REAL ENEMY...NOT THE 1970'S STYLE WAGE PUSH INFLATION OF THE PAST...
THE MARKETS ARE AWASH WITH FED LIQUIDITY...AND THAT MONEY WILL FIND A HOME...EVEN IF IT'S IN THE OIL AND GOLD MARKETS EVENTUALLY...
THE REAL PROBLEM IS THE BUBBLES FOREVER MENTALITY IN THE FED AND ON WALL STREET... SO THE FAKE JOY PERSISTS...IT'S NOT RATIONALLY EXPLAINABLE...BUT IT'S THERE...
