The S&P has topped already around 1425, here's why. Bernanke will announce a more mild QE3 than some hope for (the large scale mortgage bond purchases etc.) Due to improving US conditions. Draghi will announce short length soveirgn bond purchases of Spanish and Italian (and whoever else's) bonds. Simple fact that the large hybrid mutual funds that now dominate the market share will switch into neglected Eurozone debt when they (the bonds) are going to be backstopped by the ECB. The stocks have rallied, they've rallied hard. The next rally is in neglected but now "safe" bonds, ESPECIALLY at the shorter 1-3 year bonds which allow for long term capital gains tax but are short length maturity to allow for more liquidity. Irish bonds have rallied over 30% since being back on the market. As all investments ultimately compete for returns, the bond market is set to improve drastically at least in the short term, and so the yield starved smart (big) money will exit large cap dividend stocks in favor of the European debt. Expect at least a 5-8% correction in stocks by October.