Barron's Michael Santoli is wondering if the rally off the March lows, which he has doubted every step of the way, seeing behind each green shoot a new reason for a resumption of the bear, can be "as simple as government-created free money meeting a skeptical investment world and washing over all asset classes at once".
The very idea makes Mr. Santoli "very uncomfortable". That's funny because when we had a market-created sudden liquidity crunch last Fall, the very "simple" cause of a market collapse across all assets, he wasn't so quick to share his comfort level with his readers. Who cares where the liquidity comes from? The bottom line is that when liquidity is removed drastically and unexpectedly, markets tend to crash and when it's added drastically and unexpectedly, markets tend to rally strongly. To paraphrase Clint Eastwood in Unforgiven,&nb... got nothing to do with it.
Disclosure: Net long the market