Oil and the Euro hit all time highs today! Gold hit a 27 year high today! Google, Apple and the casino stocks hit all time highs this week! The stock market, as measured by the DJIA, is near all time highs and the yield on the 30 year treasury bond is about 1/2% point from a ten year low.
The global economic growth explains the surge in U.S. stocks, as many of the largest U.S. companies are selling a great % of their product and services to foreign countries and are being paid in currencies that are worth more because of the falling dollar. Inflation is low and despite a wounded housing market the growth forecasts for corporate earnings are still high.
The things that don't correlate as they used to are that gold hit $750 an ounce while inflation is still low and that the U.S. stock market is near 14000 while oil hit $84 a barrel. Productivity, global growth and black box trading including the elimination of the up-tick rule when shorting a stock are major contributors to a changed stock market dynamic.