Why Wall Street Is Bullish In One Sentence

"The punchbowl remains on the table, the record player keeps spinning tunes-and the party's still lively."

That's from John Stoltzfus, the Chief Market Strategist at Oppenheimer, summing up the state of the market.

It really doesn't get any simpler than that. In the view of market participants, nothing has changed to derail the bull market. The economic data is decent, but not so hot that the Fed has to tighten. And the Fed has given no indication that it plans to remove the punchbowl (raise rates). And so the music spins, and the party is lively.