A melt-up... 60% rise in equities, spike in inflation especially energy, and continued high unemployment. All the signs are currently there. U.S. Gov't and Fed proping up markets and trying to create the wealth effect... Massive money pump in QE2... Still no real growth, leading to no new job creation. However, life goes on. I guess this will be a Black Swan event for perma bears, not so much the bulls.