It appears the market is expecting something big from the Fed next week, and unlike last time, I don;t expect Bernanke to disappoint them. We are now close enough to next years election that juicing the markets now will have an effect, and Bernanke probably sees very little chance of keeping his job if a Republican becomes President. However, I really question just how much another round of QE can keep the markets going. But then again, I don't have a Ph.D.
I will have the new highs update shortly.