HELMET TIME

Since 1987 when we first got a taste of "excessive exuberance" king, Sir Alan, to the recent departure of Big Ben, the Helicopter Commander, economic policy at the Federal Reserve has been a treasure trove of material for stand-up comedians.

So the question arises: What can investors look for in the future staring down the barrel of this latest QE-driven big bull market? Though we didn't coin the term, but it's probably appropriate--the Janet effect--as paper assets continue to do well despite climbing the noted wall of ugliness.

Several years ago just before the Rodney King-inspired LA riots broke out, a friend and I went out jogging after work for our usual four mile run. As we headed back into the building ( We had no idea what was happening just a few miles away.), one of the evening janitors stopped us in the deserted hallway with a chuckle and: " It's gonna be helmet time tonight."

And sooner or later it's gonna be helmet time for this market.