[lucky american]

As I've said for 5 years. When the Fed raises interest rates and takes away the stimulus money, you'll see a drop in the stock market you've never imagined.
Until then it's up, up, and away.

[Starboard]

One wonders where the S&P would be today in the absence of QE. In a very real sense, the Fed IS the market.

IMHO, in its misguided desire to perpetuate the “wealth effect”, the Fed’s artificial support for the market has caused severe economic distortions and malinvestment that will haunt the economy for a long time to come.