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The current EPS estimate of $139.22 for the S&P 500 is 21.6% below the estimate of $177.60 at the start of the year, but the index gained 16.3% even though earnings collapsed.
Earnings could be up more than 20% in 2021, so the market is expecting some normalization, but is that all that is driving this rally?
The Fed's balance sheet rose by $3 trillion in 2020. That much money can buy a lot of assets, and the Fed didn't hesitate to do so.
The Fed is not only steering the bulls to buy by compressing credit spreads; it is also giving the bulls the money to do so.