I think it all comes down to 3 letter words. Mom, Dad, Fed, IMF, and ECB. Children know that their parents are there for them, to take care of them, and to make them safe. At the first sound of thunder, a child will look for their parent and take comfort in their arms. Little children don’t necessarily know why, they just know that mom and dad will be there for them and will make them feel better. The market must have that same faith in the Fed, IMF, and ECB. Whenever the data gets bad, the market ‘knows’ that one of these entities will be there for them. Maybe it is QE3 instead of warm milk, but these entities will be there to support them."