I would be inclined to agree that we are due for a correction if things were normal - but they are far from it.
Normally, when the market is up and due for a correction the shorters jump on board, the investors step aside and then the market goes down.
But now the world's banks have unlimited funds available for 1% interest and it is in their own interest to invest those funds and get a good return. Consequently, they not only have the money to invest in the market but they also have unlimited firepower to drive the market up and profiteer from it.
To compound this, the lawmakers are now talking of reducing the bank's interest rate from 1% to 0.5% to help stimulate the economy. To the market, that would be like switching the fuel from petrol to nitro!
The ever inflating credit bubble has shifted from the people to the banks. It is a giant ponzi scheme - built on the availability of cheap money - but likely to remain like that for some time due to weakness in the economy - mainly high unemployment.
