Fascinating chart below - the S&P500 deflated for the impact of QE

From a good piece here http://www.mauldineconomics.com/ttmy...-worked-part-i

Excerpt -

Nice and reliable. Consistent amounts of "liquidity" are pumped into the system every month, and things gently float ever higher. The only real hiccup for equities in all of 2013 was, in fact, the Taper Tantrum in May, when this stability was briefly threatened.

Doesn't bode well, I'm afraid.

The chart below, deflating the S&P 500 by the ongoing QE experiment, which I included a few weeks ago courtesy of Raoul Pal & Remi Tetot of Global Macro Investor, strips away the effect of the Fed's pumping and lays bare the market's real performance. It's one of the best charts I've seen this year, and it speaks volumes