Update- the illegal spoofing of stocks has now run over into bonds and the dollar...

Stocks taking off to record highs... (except Trannies)

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Surprise: stocks are up and everything else is flat thanks to the illegal miracle of spoofing by the same HFTs that moments ago the very Fed was blaming for soaking up liquidity.

And for the CFTC readers out there, you know who you are, the massive spooffest is shown in Red. Remember: if the spoofing is higher, it's legal. It's only illegal if it sends the "market" lower. 

Why focus on Nasdaq? Well that's easy - "spoof" Nasdaq futures higher, drags AAPL higher, which drags the other major indices higher due to its weighting and soon enough you have your momo ignited...

NQ-100 leaped much higher than the other index futures: $NQ_F $ES_F $YM_F $TF_F pic.twitter.com/SLxiRv515Y

— Eric Scott Hunsader (@nanexllc) May 20, 2015

As we have said since 2009: the best and only option when trading a market as manipulated as this, is just to sit back and watch as it blows up in the Fed's face. Again.

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A gentle reminder from the minutes that many seemed to have missed: "some indicators suggested that valuations remained stretched for some asset classes."