The market is being used as a liquidity buffer

Schiller again.

The Illusions Driving Up US Asset Prices NEW HAVEN – Speculative markets have always been vulnerable to illusion. But seeing the folly in markets provides no clear advantage in forecasting outcomes, because changes in the force of the illusion are difficult to predict. 
In the United States, two illusions have been important recently in financial markets. One is the carefully nurtured perception that President-elect Donald Trump is a business genius who can apply his deal-making skills to make America great again. The other is a naturally occurring illusion: the proximity of Dow 20,000. The Dow Jones Industrial Average has been above 19,000 since November, and countless news stories have focused on its flirtation with the 20,000 barrier – which might be crossed by the time this commentary is published. Whatever happens, Dow 20,000 will still have a psychological impact on markets.

Freud said it. Sometimes a cigar is just a cigar. 
No delusion here, just that we all are conditional on the new regime, so we have parked the do-re-me into the ETFs, and await the debt spiral when yields go up.  The cash is not on deposit because the central banking system is broken and unliquid.