Makings of a Melt-Up

Now, none of that would matter -- and hasn't mattered all that much -- because we always seem to have money flowing out of our markets.

But as I said, when I wrote that Dow 12,000 is an important milestone, we're getting oodles of cash in from first-timers, from people who have put the bad days in the past, and from people who know that real estate has become a sucker's game.

The combination of money in and stock out is so incredible that you get this rally we are having, which, I might just say, is truly one for the record books. It simply is not remarked upon enough how unbelievably powerful, how unbelievably bullish this rally is. It is a monster big one, and it is happening for both supply and demand reasons. I have not seen anything like it since the mid-'90s, when you would have 401(k) money streaming in every week.

It's back.

And the combination, judging both from the money in numbers and the buybacks announced on these quarterly reports, is accelerating, not declining.

Which is why we are not done going higher.

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