Back on October 31, when QE3 officially ended (if only to be immediately replaced with both a boost to the BOJ’s own monetization and the frontrunning of the ECB’s QE), many predicted that the uncanny correlation of the Fed’s balance sheet with the S&P would no longer be applicable. And indeed, for a few weeks, even as the Fed’s balance sheet had stopped growing (delayed settlements that hit the H.4.1 are just that, and not indicative of actual open market purchases) the S&P continued to rise, hitting a level just shy of 2100 in the days before the new year.