IMO, the biggest factors are going to be:
Increasing energy exports or, non-imports, eg; the lack of need to import so much energy, and
The deterioration of all other currencies.
The Euro is approaching a tipping point, and indeed, tomorrow could and probably will be a critical day, because Draghi is likely to announce their version of QE; which Germany does not want them to do and actually is prohibited by their charter. But those pesky law thingys mean little to central bankers who think they are geniuses.
In this country, we are largely ignorant of the pretty damn bad shape of the Eurozone as far as eco growth. Basically, they suck. South America is moribund in socialist zombieland. Of course, Russia is sucking wind with this oil price plunge.
All of these factors lead me to believe that the USD will remain essentially the only game in town for a long, long time. And we will see massive, potentially frenzied buying of US assets; stocks being near the top of any such list. But it is also possible that we will see long, slow, steady, unrelenting buying of US stocks and it could grind on to DJIA 20K with nothing but the types of micro-corrections we saw circa this last October 15th, when the mkt corrected 10% and in two freaking weeks it was all fixed. What if that goes on/where will we be if that goes on for 2-3 years?
That’s what I think will most likely happen. Every market participant will be forced to buy the market at what they believe is too high a price. And if they don’t they can collect CD interest @ 0.3% or bond interest at 2.3% or sit on green cash.
These sorts of inputs are my reward for posting these articles.