Stocks are being underpinned by expectations that the Federal Reserve will continue to keep the market awash in liquidity, said Doug Roberts, chief market strategist at Channel Capital Research.
Fed chairman Ben Bernanke told lawmakers last week that there is no "preset course" for the central bank's $85 billion-per-month bond buying program. "Bernanke is the 900 lb. gorilla in the room," said Roberts. "As long as he keeps pumping money, then the risk trade is still in effect."