So leave it to our favorite skeptic, Citi's Matt King to throw a fly in the ointment by asking how is it possible that "nothing sticks to markets."

He proposes one possible reason: perhaps analysts were overly pessimistic going into the election and year end, which is possible considering the "most synchronized DM upturn in years"...

... an upturn, which however, has been largely predicated by the reflexivity of soaring stock markets, which in turn have spiked not on actual news, but frontrunning the "everyone's-a-winner-under-Trump" trade...

... which however may never actually materialize in practice, and which could very well also lead to a recession as the surging dollar leads to a global GDP slump while paralyzing financial conditions (see recent record FX volatility in China).

As King then notes, earnings bullishness gets you only so far, and as the chart below shows, the recent surge in global stock prices is not a function of earnings, but expanding P/E multiples relative to Trasuries, which then prompts him to ask why, now that yields are surging, "shouldn't we be discounting using higher bond yields."