Teflon

Nothing can touch this market.  China raises bank reserve requirements, ECB emergency funding request shoots up, and the market yawns, and goes right back up.  There is a huge underlying demand for stocks.  It feels like the 1990s again, except this time rates are at zero forever.  We are in the best of both worlds, free money and a recovering economy.  A perfect environment for stocks.  Retail is catching on and coming in, but you can't play short for more than quick pullbacks, or just go long!  There just isn't enough weakness showing in the charts for a big pullback yet.  The demand for US stocks is insatiable, yet the emerging markets are being kicked to the curb to make room.

Remember, it takes time for the herd to get all in on US stocks, it wasn't but a few months ago that emerging markets were the best place to put your money.