Last word, though, goes to Dr Doom himself — investor Marc Faber, editor of the Gloom, Boom and Doom report, who declared a few days ago to CNBC: “I think it’s a colossal bubble in all asset prices, and eventually it will burst, and maybe it has begun to burst already.”

This market continues to be hated. That in of itself almost mandates that it goes higher still. However with monetary policy looking to change, the one direction nature of the market will end.

QE will be history by October. Interest rates are supposedly going to remain low pending economic data – the unemployment metric is no longer the variable.

Markets can rise into a rising rate environment – at least for a time. The changeover point [as most things in markets] is not that defined. Therefore, as always, you need to have a strategy of staying in stocks, taking profits, standing ready to buy not the dips, but the bottom. Buying dips in a falling market is a bad strategy.

These two charts illustrate the current divide.