In 213 words (surprisingly this time not in the form of just one sentence from this particular Joyceian stream-of-Austrian-consciouness) Diapason's Sean Corrigan does a better summation of "the market" than can be found in any expansive weekend Op-Ed or 100-click slideshow "explaining" all that has happened, and claiming to tell you "all you need to know."
From Sean Corrigan, CIO of Diapason Commodities
US equities, what is there to say?
Successive new highs; record buybacks (Miller-Modigliani and ESOP rules, OK!); multi-year heaviest mutual fund buying; vol a whisker off its Crisis Era lows; margin debt rising as fast as in 2000 and 2007; put-call ratios depressed; cumulative A/D in the stratosphere; junk bonds near yield lows; leveraged loan prices back at Blue Sky, mid-2007 levels—and now the jobs numbers giving everyone an all over warm glow.
The only thing to argue against this is that it’s simply all too good to be true; it’s a function of the crazed, macroeconomic theorizing of a sixty year-old, wannabe-Oz sitting in an office on 20th St. and Constitution Avenue in Washington, D.C., who almost got on the congressional record exhorting his interlocutor to quite belly-aching about the income on his aged mother’s savings and to get her into stocks instead.
For all we can surmise that this is just another in a long series of bubbles, each inflated to ward off the reckoning due from the collapse of its lengthening family tree of predecessors, this all-encompassing experiment not just with our livelihoods but with the wider structure of our very society shows no signs of being called of but, if anything, intensified in scale and extended in geography.