The Fed released statistics for the closing two week bank reserve window, which reveal that banks increased excess reserves held at the Fed by $70,709, while the total QE Treasury purchases during the period was $54, 234 (reported at par). In, addition, the Fed's asset purchase program has been focused on tech stocks, and tech stocks are the weakest index on the board. That leads me to believe that the recent rally may fueled by hot money seeking a safe haven from emerging country risk. The cheap dollar makes it even more attractive for foreign money, and there is probably domestic funds being repatriated to the U.S.
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