What is clear is that the recent market rally is once again being driven by the Federal Reserve's QE programs. Money is flowing out of bonds, and the dollar, and into equities. The weekly chart below shows the decline in the market...
Temporary fluctuations and changes in tax policy not-with-withstanding you cannot claim any positive in the nominal number of the equity markets when you consider the monumental stupidity the administration is employing to devalue the currency. The numbers may be nominally high, but these numbers are generated by a currency valued less. Bad tax policy, bad monetray policy, and bad economic policy will always square up with reality in the end. It is not a matter of if, just when. The bill always comes due. Never in history has an administration set up the economy for such a monumental failure. If a foreign country attempted to do to our currency what obama is doing, it would be considered an act of war.
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