Hey Greg,

Just a thought. There is a bunch of economic data coming out this week. I assume from all the pumping in the stock and bond market that the data is not going to be good. Here are some headlines:

Chicago Fed index points to paused U.S. economic growth in January

New-home sales collapse in January as momentum wavers

At the sometime, several big banks are close to insolvency. Deutsche Bank is very close if not insolvent now, they hold some of the largest positions in derivatives.

Interbank loans are way down. Do they know that it is not safe to loan to each other?

China has taken Ambang(an insurer) into conservatorship and arrested the former chairman. They are in big trouble. Think what happened with AIG.

Big pension funds are almost insolvent. Calpers is in trouble and to fix their short falls they are moving into the equity market to help improve their financial position with higher yields.

Talk about systemic risk... The stock market can not go down any more. If it does the big the big boys will feel a big pinch. If any of them start to liquidate their positions, the feedback loop will take over and end in a spiral to the bottom.

They have to push it higher, the alternative is unthinkable.

(PS I am sort the S&P right now, so them moving the markets up don't work well for me.)