More QE

Repo Panic Returns As Fed Injects $99BN In Liquidity, Including First Oversubscribed Term Repo In Three Weeks

Of course, should the Fed threaten to pull even a bit more liquidity than the market is comfortable sacrificing, and stocks get it. The flip side too: as long as the Fed keeps growing the balance sheet at a rate of about $100 billion per month, the market meltup will continue.