I dont know, but this is not a healthy market. 10 year still around 2.5%. You also have decreasing labor supply which will not likely bode well for profit margins.
It will be interesting to see how the fed unwinds its quantitative easing program. My guess is that it lets its treasuries mature and hands the money back to the treasury, but only time will tell. The MBS are a bit more interesting, but at some point thats $1.7 trillion that's in investors hands and not in the hands of the fed.
Sean we're in agreement on whether it's healthy. I'm with you all the way, have not seen this action since 1999/2000 bubble and we know how that ended of course.
Big companies actually need a very weak labor market, which is at odds with what the middle class needs. Most of my acquaintances have a relatively small (50K or less) amount in the market and are mystified how their lives are getting so much worse as stocks do so well. I estimate inflation is actually 15% or more right now if you count food, energy, housing and it is really hurting people since their wages of course are not rising.
I fear a 3rd crash in 15 years will take some people out of the markets forever, and then where will we be? But the fact remains Hussman has not done the job.