As we witnessed last week, almost nothing trades off fundementals any more. The market is controlled by the Federal Reserve. By not reducing MBS and Treasury purchases as many expected, Bernanke defered to Janet Yellen, the next Fed chair. When it comes to printing, she sits to the left of Bernanke. Expect the market to continue making new highs. Also expect the market to continue ignoring SGR. Control of costs, higher grade and an increase in production are the only things that will attract attention. Are they up to the task?

Bill Gross on Ben and Janet. http://www.cliffkule.com/2013/09/bill-gross-bernanke-has-left-building.html