Why The US Stock Market Rally May Continue

This note from Fidelity Investments connects the performance of the US stock market to the monetary policies of the Fed.  The sectors of the economy that are ordinarily correlated with market rallies are underperforming the defensive sectors.  Investors are looking for relatively safe places to put their money, and the Fed's monetary policies have made US treasuries less attractive.  Defensive stocks will continue to do well as long as the Fed is printing money, or until the Fed's monetary policies lead to unanticipated investor reactions.