That's the label Raymond James strategist Jeffrey Saut—with tongue at least partly in cheek—put on the market Friday in a note to clients:
I'm calling this the Obamacare rally because the worse the Obamacare roll-out gets, the higher the stock market goes! I don't know what the correlation factor is, but it certainly feels like that is the driver of this latest breakout to the upside for the S&P 500.
(Read more: What does the Obamacare 'fix' mean for you?
Market psychology certainly has been hard to divine as the major indexes soar to record highs. Friday's early rally, for instance, came against deflationary U.S. signs in the form of declining import and export prices, as well as overnight news showing at least a hiccup in the European recovery story.
Saut thinks the latest run could be a little reverse psychology and maybe a little voodoo.
Indeed, it isn't the economic numbers, a decline in interest rates, earnings reports, revenue reports, or more cooperation inside the D.C. Beltway; so, it has to be Obamacare and the belief that it is so bad there is going to be a change. Change you can believe in! It kind of reminds me of 2008 when I was stating that, "The whiter Ben Bernanke's beard gets, the more trouble the entire financial fabric of this country gets."
There are tangible signs, though, that investors remain confident.