I don't really know how QE is supposed to help anything, other than to inflate away government debt.

But since March 09, it's clear there's more going on here than just a mega bear market rally. Many sectors of the market sport bullish-looking charts. Several of the metals (gold, silver, palladium) have bested their '07 highs. Copper & platinum are close. The emerging markets (EEM) and big cap techs (QQQQ) are also close.

True, the US economy is lousy, but it only accounts for 22% of the world (and that percentage is shrinking). Furthermore, the US economy is not collapsing - just growing at a slow pace. And many big cap US companies make more money outside of the US than in. Since the emerging markets are doing well, I can't see a stock market collapse in the near future.

It seems clear we are in a bull market, and even cyclical bulls do not die easily. Are there flies in the ointment? Sure - overly bullish sentiment, insider selling in particular. but these were also the case during much of the last cyclical bull (03-07). On balance, I think the bullish case is stronger - at least for the next 6 months or so.