The Fed has pumped in historic levels of liquidity to pump up asset markets that it is hard for this market to go down. Yes, it is too much money chasing too few assets. The value of the assets is meaningless right now, because money has to be put to work or you get 0% on your cash. Banana Ben has singlehandedly rebubbled up the economy. This is bubble economics, there are no sound fundamentals behind the up moves. It is pure liquidity and it cannot be underestimated. $1.25 Trillion of MBS being bought along with $300 Billion Treasuries is a huge amount of money pumped in. This doesn't include the stimulus pork that is coming down the line and has already been put to work. Why do you think oil is over $80 and gold is over $1100 with a crappy economy? We are reinflating asset bubbles and the Fed will not act until its way too late. That's been the pattern for several decades. It is not going to change with Bubble Ben. This is why you are seeing the stock and commodity markets walk on water, float in the air with ease. Don't fight it yet. Let it rise without you or even go in there and ride it higher. We're not done going up.