This is a VERY long term outlook on the market. Shown is from pre-DotCom bubble. This is relationship of SPX to M2 money supply. There isn't a more straightforward relationship than this. People comparing the current market to the DotCom bubble are actually only halfway there in this respect. We might be disconnected from reality right now but in this figure its no where near turn of the century. So the question is if this is a exhausted breakup from the trend and it reverts or it keeps up the northern trend? Fed is continuing its QE and SPX keeps going up. How much longer can this go on?