Anatomy of a Melt-Up

(1) Updating three scenarios. (2) And the 2013 winner is: Rational Exuberance. (3) Will Irrational Exuberance get the 2014 award? (4) A year to pack our bags in May? (5) Stampeding bulls. (6) The Great Rotation is picking up steam. (7) Buybacks approaching record highs. (8) Forward P/Es could head into the high teens. (9) Fed may have to speed up tapering. (10) No soft patch in latest US economic data. (11) “American Hustle” (+ +).