I capitulated a few months ago to the inevitability that the Fed will be pumping monopoly money into the system for a long,long long time. That coupled with the fact that their henchmen on Wall Street are pushing everybody to buy equities I finally went back in last September before QE3 was announced. My concern now is that at some point everybody will wake up and realize the emperor has no clothes and it will be a stampeded for the door. Watched it happen in 2001. Beat the stampeded in 2008. The one thing I am not worried about is the Fed suddently stopping the printing press. They can't do it. They are locked in for a long long time. I am sure they will announce a small 25 basis point raise at some point and it will tank the markets.

The bottom line is the mortgage, bond and equity markets are so dependent on money from the Fed there is no way they can survive without it at this point.

I am amazed at how the PPT was able to control the Apple damage on the Nasdaq today.