From Zero Hedge:

Today will be day 12 of 13 (or something just as silly) that the market has been melting up on no volume: yet another truly ridiculous statistic in the anals of momoism. As David Rosenberg points out: "the market has been able to digest California, Dubai, and Greece" - and this has all been offset by what?

Merely promises of ever increasing liquidity and bailouts by the Fed, first domestically, and soon internationally. Have people really forgotten yet again that this is precisely what got us on the verge of a historic collapse in the first place?

Yes, the Fed bailed capitalism out last time around, but this time it has gone dodecatuple all in, and unless intelligent, and very rich life, on Mars is discovered pretty quickly, this will all end in ruins.

Here is a good recap of where we have been, and where we are, courtesy of Rosie...

Read full article...

More on the stock market:

Why this rally can't be sustained

Doug Casey: The stock market is going to crash

Dr. Doom Roubini: Worldwide stock market correction coming