The Fed leaked the minutes of their last meeting early today, and some discussion by some members about ending QE this year had the market leaning to the bull side, and then encountering little resistance, it was a sky hook day as resistance fell by the wayside.
Let's see how the real economy acts, as we are now in earnings season, albeit with lowered expectations.
The Fed has proven, over and over, that it cannot see those bubbles it creates, and blithely ignores looming dangers on a regular basis. It is hard to think of a forecasting outfit with a worse record, except perhaps Townsend, Greenspan & Co.
This is a bonfire of the mediocrities. Try not to get burned. But since they control the currency one has to respect their power, if nothing else.