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Markets trade above their long-term average valuations, despite the fact that they are only kept alive by the "emergency" Fed's tsunami of liquidity in the form or Quantitative Easing.
Hardly the strong fundamentals which would underpin a sustainable bull market.

$85bn a month of QEternity is the Fed's current strategy.
How much is that per US citizen?
Hundreds of Dollars of new money per US citizen, per month.

Eventually - like any addict - it ends badly. More and more doses give smaller and smaller useful responses and create ever worsening side-effects.
Almost certainly the current situation ends so badly that those sitting in cash and gold will not "miss out" on equity bargains if they can wait a year or two.
Did those investors who bought in 2006 feel as if they missed out in 2007?
Yet by 2008 those who had remained in cash since 2006 were looking very smart.

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