"For a generation of "don't fight the Fed" fund managers, the $US3 trillion expansion of the central bank's balance sheet since February to $US7 trillion, combined with $US3 trillion of fiscal stimulus, provides all the courage they need to bet on an economic recovery and an eventual rebound in earnings."
It's on its way... earnings are what matters in stock prices. Fund managers position their capital to get a slice of next year's profits. The rally marches on, not far to go before it reaches previous highs.
