Synchronized global easing it is called and the once again giant inflows of artificial liquidity are dominating the price action in markets irrespective what's going on with earnings or growth. The stock market is not the economy, the economy is not the stock market. The stock market is liquidity and the stock market is the primary tool with which central banks want to control the trajectory of the economy. It's the unspoken but increasingly recognized truth.

The Fed still insists on hiding behind statements such as 'the economy is in a good place' while Q4 GDP growth has dropped to 0.3% to 0.4% according to the Atlanta Fed and New York Fed, but hey, they got to keep confidence up.

Fact is everything has changed in October when the Fed announce it's "not QE" program which in fact is recognized by markets as QE and so the Fed, unable to ever meet its inflation targets, focuses on asset price inflation and very much succeeding in the one area of the economy they claim to have no role in.

Here's Citi: 

"Despite the Fed's protestations that its adjustment to bank reserves is not QE, its turnaround this year has helped drive global central bank securities purchases from 10-year lows to decade-average levels…central banks' inability to create inflation has caused them to underestimate the extent to which they are driving up asset prices. Yet this misunderstanding makes them all the more likely to carry on."