I can't explain the continued rally in stocks since March. It makes sense to me now, the Fed has probably been out there buying stocks all along. Who else would be buying otherwise besides hedge funds. Hedgies are huge nowadays but they would be out by now, and they are according to many commentators. If they had been alone in buying, the market would have corrected. Mutual funds have no cash to put to work I understand, inflows have been paltry . Shorts have given up trying like me. Retail investors probably have sworn off stocks for years, so who is buying ? The Fed must be. They want to reflate housing they told us that but they would never tell of buying the stockmarket .