Little question the market has finally realized the Fed has no intention of raising interest rates, thus the huge dollar tumble since December. At this point more QE and negative interest rates in a year or two are far more likely than meaningful hikes. If the dollar hadn't fallen so much in the last five months, the stock market would be quite a bit lower already thanks to horrible corporate earnings.

Very true, but... Eventually all that money shows up as inflation. Which devalues the SPX. The wealthy have been net sellers of SPX for over a year now. It is only the collapsing velocity of money which has prevented an inflationary tear so far...but that has a hard limit at zero ( unlike interest rates) which can only be reached by either obliteration of technological society or a reorganization of economic activity to be uncorrelated with money flows