Equity Market Flying High!

S&P 500 is up nearly 1% even though there's been talk of the Fed slowly exiting QE. Could this be the last 'umpf' for the market before a small correction?  As we noted last week, the equity market is overvalued, in our opinion. Pretty soon we could see that QE premium, currently priced in, get discounted. In fact, today's uplift includes not only the cyclical sectors, but also the utilities sector, up nearly 1%, along with other defensive a such as healthcare and consumer staples. By the way, VIX is up 5%+; still below $15, but looks like the VIX and equity market divergence is beginning to converge, at least early on today.