Say the the BOJ loses control in Japan and Nikkei crashes, while all all markets crash as well. If the S&P starts to look like it's ready to free fall, the Fed will immediately step in to increase QE. If the S&P does not respond, QE will increase yet again and again until S&P behaves like a good dog. The net result would be all stock markets around the world can be down 50 to 80%, whereas the S&P maybe even mildly in positive territory. Remember, deleveraging is verboten here.
i think you are wrong but that's what makes a market. i feel bens ball's have been cut off and obama is not running for election anymore. i think the BOJ is going to lose control i agree with that. you have to remember the fed is the whole US bond market now that the government is spending less so they will need to start buying stock like japan. this is what happens when you let professor's run the market. haha they are so confused in japan that they are sending people to ask bubble ben questions in news conferences. did you see the japanese guy asking ben about japan? i was laughing