We know all that is wrong with the world. We also know that many feel the central bankers have it all handled.
We have a stock market disjointed with the dow and SPX rallying to near rally highs but see the Transports lagging behind, long since in 2011 making its high, and the NAZ and small caps also failing to confirm the move by the large caps.
We have a LOW LOW VIX (fear index), for lack of short term fear or worry about a major decline. But farther out we see positioning for a drop. We see NYSE short interest at a 5 year high, bears are in position in individual shares betting on an AUTUMN swoon.
If the markets job then was to fool the most people, most of the time, then its done its job handily.
A macro focused rally on low volume. Most shares traded by pros and computer programs. NO return on money left sitting around.....economic activity ebbing. SHort term NO fear but NYSE short int at 5 year high......it WILL play out, shortly....