The Fed cut its 2013 economic growth forecast, and yet QQQ is up. The main concern Fed has is the fiscal policy has become restrictive, and I really think the Fed concern is justified. The sequestration cut has just started and its impact is only at the very beginning. We really still do not know how bad it will get yet. Investors are underestimating the political dead lock. The politicians simply did nothing and let sequestration happened. If they repeat that again for the current budget fight, we could be looking at a complete shutdown of the government after 3/27. The bad FedEx earnings report today should have sent a clear warning to investors, but many investors are apparently still not getting the warning signal yet. FedEx is the shipper for all other companies, and if FedEx is doing badly and worse than last year. That tells you how bad all other companies might be doing. This market bubble can pop anytime.