As I stated one week ago the Nasdaq was poised to make fried chicken out of any bears trying to call a market top. And sure enough, the Nasdaq rose to a 14-year high last week. Never mind that weekly volume came in at its lowest level in 2 months.
The QE market remains undeterred by what seems to be lack of buying interest (as measured by volume), on going geopolitical risk, and the U.S. labor participation rate at a 36-year low. The $1 question rapidly approaching markets in October is, how closely tied is the Federal Reserve QE policy to stock market performance.
To paraphrase William Shakespeare: To QE or not to QE...that is the question!