When QE money matters more than corporate earnings, conditions are out of balance.
As you well know, not all the indexes have made new highs.
Take the NASDAQ Composite Index for instance. If you look at the monthly chart (see below), you will see that it had made a high peak level of 5132.52 in March 2000.
In 2007 (before the severe market drop), it had only made a partial retracement.
I bring up this chart, because last Friday the NASDAQ Composite was only 0.79% away from its all time high. Obviously, the big factor in the recent rise has been a lot of QE money coming in and that plus could turn out to be a minus in the end. When QE money matters more than corporate earnings, conditions are out of balance.