Trigger$: Is The Fed 'Painting The Tape'?
Let me state at the outset, this is a completely false US stock market and risks have never been higher!
However, this doesn't mean it won't go higher in the short term. As a matter of fact I expect higher highs in 201 5, though the fundamentals won't support this view.
What is going on?
So let's talk about what is going on.
I have written extensively and talked here in these monthly updates, the degree to which tax incented buybacks have distorted the equity markets.
$2 Trillion dollars over a 24 month period will distort any market and disconnect it from the realities of historic valuations.