Last week I stated: “The current market environment is looking more and more like quarter 4, 2010, which was heralded by QE2. This time the printing press is with the European Central Bank, but the Fed is doing a great job jawboning the market higher, and they are ready and willing to expand their balance sheet even more. Like quarter 4, 2010, both the Dollar and Treasury bonds have peaked out. So what’s left? It’s equities and commodities. It is in these kinds of extremes of bullish sentiment that market melt ups happen. For now, we need to respect this dynamic. The bulls have the ball in their court and are on the cusp of turning this recent low volume price move into a multi-month barn burner.”……..