SPDR S&P 500 (SPY)

[Schneidku40]

Well, it depends on how you look at it. Fed's balance sheet was 7.15 trillion back in June (4.2 trillion in March). So really, it hasn't gone up much at all over the last 6 months, relatively speaking. It did dip a bit in August to 6.9 trillion, but still not a lot of difference?

There are smaller moves week to week, about 10-100 billion each week with a stair step pattern up (2-3 weeks up, 1 week down). Which is still a lot compared to us, sure. But I'm not seeing a really good correlation between those smaller moves and equities.