Interesting post from The Big Picture talking about how part of the market rally could be due to professionals being underinvested and underpforming the stock market. Based on their sources, they found Stock hedge funds only averaging a 2.6% gain this year (!!) vs the S&P of 11.6% (see chart below).
While I agree that hedge funds are severely underperforming (see my previous post on hedge fund performance), sometimes surprisingly poorly, I think he's underestimating the ECB bond purchasing rally effect. Sure there was lots of speculation and rumors about the plan but its one thing to have rumors and another thing to have an official full blow announcement of it taking place.