Sure, now they say it.
(From Yahoo Finance)
At some point during Fed QE, the markets started reacting positively to bad news. In our view, this is when things started going wrong. Bad news became good news for asset prices, as markets expected more QE by the Fed.Asset prices were increasingly deviating from fundamentals, as the markets were trading the Fed instead of the economic reality. This was clearly not sustainable.
Yup, and one can generally say that a good indication of whether our global finance house is at least a little closer to in order (if not in order) will be when bad news is bad news and good news is good news again.