Jamok,

I agree. I see in recent days Goldman lowered their estimates of Q1 eps growth. Same old story, start high, lower later. Meanwhile multiples keep expanding despite as you say a failure to implement the expected tax cuts and infrastructure spending etc.

One theory re $ellen's recent change from the Fed rhetoric in recent weeks is she wants to finish her term out with the markets looking good. That's in February. So just like Greenspan and Bernanke before, punting basically.