The economics and fundamentals overwhelmingly suggest the US equity market is now being driven solely by Federal Reserve liquidity injections.

 

The only way Lance can see DOW 20,000 is to see the market as being in stage 3 of a classic 'blowoff' market cycle:

Phase 1:  What Bull Market?  Just A Bounce Before The Next Crash. Phase 2:  I Missed The Bottom So I Will Wait For A Pullback. Phase 3:  Market Is Going Up Forever, Just Get On And Ride.