More impressive, even, than the stock market’s relentless climb since early 2009 is its present ability to do no worse than mark time in the face of an onslaught of lousy Q2 earnings and a potentially steep downturn in real estate. This is testimony to the fact that Fed easing trumps reality and all else, including an alleged economic recovery that has brought little relief and no income growth to most Americans. Factor in a zillion tons of dead weight from the Obamacare dreadnought, the most economically destructive piece of legislation ever enacted by Congress, and you could almost believe that nothing will prevent the Dow from hitting 20,000.  Even so, we’ll continue to short the market at every potentially important rally target we discern on the charts, even if we know we’re likely to scratch the trade a few days later.