The Credit Cycle is Everything. This is what moves markets.
We are in a Mid-Mature Bull Market. Fed is talking about raising rates. As a result, astute and conservative investors are beginning to position themselves in cash. Assets in the form of stock prices are rising fueled by momentum and Investor Euphoria. When the Fed actually raises interest rates, if they do raise interest rates, in the natural movement of the cycle Phase 4, a Recession, and Bear Market will begin. On the other hand, if they do not raise interest rates, who knows how long or how high this current QE Bubble/Bull Market can inflate?
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