While the world and their pet cat knows that the gush of global liquidity has lifted all stock market boats - blinkering investors to any threats from organic recessions, virus-driven supply-chain collapse, record high leverage, and/or record high valuations.
But, as the chart above shows, the last week or so has seen stocks soar even further, despite a flattening in central bank liquidity (and despite soaring death-counts from Covid-19).
So what is driving this renewed surge?
Perhaps it is this?
Sanders victory in New Hampshire (and close second place in Iowa) along with the devastation in Warren and Biden's camps, leaves him the massive front-runner in the Democratic presidential nominee race...
But... as Sanders soars, so does the odds of a Republican (Trump) victory in November 2020...
And as the odds of a Trump win have accelerated, so has the stock market...
Is it as simple as that? The market appears convinced that Sanders will get the Dem nomination and lose in November.