Propelled by a new housing bubble and little else, how much higher can stocks go? Yesterday’s rally vexed those who would deign to ask the question. The following post at ZeroHedge sums up the contrarian’s sorry plight as Wall Street parties on:

“If this doesn’t send the S&P to new all time highs nothing will. Moments ago the Dallas Fed reported its April General Business Activity report and in short it was the biggest miss to expectations on record, plummeting from 7.4 to -15.6, on expectations of a 5.0 print and the lowest since July 2012. It was also the biggest one month drop on record. Since all of this will be attributed to balmy spring weather in New Zealand, extra rainfall in the Russian Steppes, the US sequester, evil European fauxterity, Cyprus deposit confiscation, and of course, Bush, there is no point in commenting on this disaster at all.

“And why comment: judging by the market’s response which is now at the day’s highs, it is not as if anyone even pretends any data matters. The only hope now for those expecting a 20,000 on the DJIA is that the ISM due out soon, will print at 0 and everything will be permanently fixed. In other news the daily prayer to praise St. Bernanke begins at 11 am when POMO ends. Please orient yourself to face the Marriner Eccles building when bowing down.”

Incidentally, today’s E-Mini S&P tout provides a possible answer to the question, How high can stocks go?  Check out my 00:49 post in the chat room for specific details and actionable advice.