It almost makes no sense.

The $19 trillion global market rally continues to both defy critics who link its strength to central bank support and justify those who point to continued robust corporate and economic growth.

What appears difficult to argue though is that perhaps the most compelling bull market of our lifetime still has a long way to go before it starts to fade into its rightful place in the history books.

With a U.S. economy expanding at a 3% clip for the third quarter in row - a figure that critics insist are little more than Trump Administration fantasy - and corporate earnings growing at a much stronger-than-expected 4.7%, the recent spate of record highs for equity benchmarks is easy to understand.

Digging deeper, in fact, only makes the picture more compelling: with around half of the current earnings season behind us, FactSet data indicates that 75% of S&P 500 companies have beaten consensus forecasts on the bottom line, while two thirds have surprised on revenues.

The gains have added around 2.5% to the benchmark so far this month, well ahead of September's 1.92% advance, and lifted it to an all-time high of 2,582.98 during Friday trading.

Underlying consumer strength looks solid, as well, with the University of Michigan's survey of U.S. consumer confidence sitting at the highest level since 2004. Meanwhile, the average American's assessment of their current financial situation hasn't been this bullish in sixteen years.

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European stocks, too, are back in the game.

Germany's DAX posted another all-time high Friday as investors repriced assets all around the region after a dovish European Central Bank meeting that pledged to continue providing low rates and liquidity support for at least the next two years.

Consumers on the continent are nearly as optimistic as their American cousins, according to European Commission survey data. German business confidence is at an all-time high and output prices for European producers - a key metric for profit margins - hit a six-year high this month.

European earnings, it must be said, haven't paced their American peers. Although only a small portion of the Stoxx 600 has reported thus far, Thomson Reuters I/B/E/S data indicates a trend-lagging top line beat of around 38%.

What's also important to note is that cash continues to pour into the market, both at home and abroad, suggesting smart money is extending bets on the current rally's strength.

Bank of America Merrill Lynch estimates a record $534 billion in new money has flowed into stocks and corporate credit so far this year, nearly double the 2013 record of $281 billion.

That doesn't mean there aren't a handful of issues to contend with: U.S. stocks are trading at around 17.9x forward earnings, around 15% higher than their five-year average.

President Donald Trump appears set on appointing a hawkishly-inclined chairman at the Federal Reserve, a move that will likely boost both Treasury yields and the dollar. That could slow equity gains in the months ahead as investors rotate into richer yielding assets.

Europe has its own currency issues to contend with, as well, but largely in the form of the pound. The U.K. currency has shown a worrying degree of volatility that is unlikely to subside after the next Bank of England rate decision on Nov. 2.

That puts the FTSE 100's October performance -- it's up 1.8% compared to a 1.36% advance for the broader European Stoxx 600 benchmark - at risk over the final three months of the year.

But U.K. stocks are the notable outlier in this incredible Lego Market rally where, as the theme song enthusiastically declares: Everything is Awesome! 

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