The fundamental reason stocks are going up beyond all reason is that the US Government has elected to follow the Japanese Playbook for dealing with the massive property bubble exploding. The Federal Reserve has driven down interest rates to nearly 0%. Combine this with trillion dollar deficits and a commitment from the Fed of 0% for the foreseeable future, and what results is the US becoming the world's #1 source for carry trading.

That means that right now people are borrowing in weakening dollars at 0% interest and buying ANYTHING else to make a guaranteed profit. If you compare the S&P 500 to the US Dollar since March of this year, they mirror each other perfectly. Dollar Down, Stock Market up, even on an hour by hour basis.

The reason this is being done is that 10 years of jobless recovery from 2009 to 2019 is better than another Depression, and that is the goal.

What is the end game? At some point people around the world will tire of buying low yield US bonds and the Fed will be scolded for printing too much money to buy the bonds directly. They will announce that because of the improving economy, they will be raising interest rates. The dollar will skyrocket, and the stock market will be demolished. Everyone will flee into US govt. bonds, the safest investment on Earth. Because of this, trillion dollar deficits will be sustainable for the foreseeable future.