By James Corbett: The market is giving itself another congratulatory pat on the back this week as the S&P flirts with the 2000 point territory. Another week, another high. Another month, another psychological market barrier crashed through with abandon.
So what is it this time? The discovery of some new abundant source of safe, clean energy? An invention that will increase productivity by orders of magnitude? Soaring demand on the back of a solid across-the-board economic recovery? Sadly, no, it's just more Hope and Change-ium from the central banking crowd.
This time it's European Central Bank chief Mario Draghi delivering the market its much needed jolt of central bank funny money. Or, more accurately, the promise of central bank funny money, which is really all that's needed these days to send investors into a tizzy and to keep the longest bull market in recent history ascending into the stratosphere.