"One should always play fairly when one has the winning cards." -- Oscar WildeNEW YORK ( TheStreet) -- The S&P 500 hit another all-time closing high Monday, widespread euphoria is building and the belief in the power of quantitative easing over markets has likely never been higher. For good reason: It has been almost a year and a half since the S&P 500 experienced a 10% correction and the S&P 500 has not tested its 200-day moving average the entire year. This is the furthest the S&P 500 has gone into a year without a test of its 200-day moving average since 1995. However, a nagging disconnect has developed amid this strength. If you recall, the twin pillars of Federal Reserve Chairman Ben Bernanke's wealth effect thesis were stock prices and the housing market. While there is no question the stock pillar remains strong, the housing pillar is starting to show some cracks: Homebuilder equities, as seen by the SPDR S&P Homebuilders ( XHB) exchange-traded fund, peaked back in May and in yesterday's session hit a new one-year low relative to the S&P 500.