If you're a bull the Federal Reserve has been mixing a cocktail that's blown your socks off.
And with the S&P flirting with all time highs, pros on Wall Street are wondering when the Fed will take the punchbowl off the table. That is, they're wondering when the Fed will begin to wind down its ultra-loose monetary policy.
(In case you're wondering why the punchbowl reference, Jim Cramer said it was first uttered by William McChesney Martin, the longest serving Federal Reserve Chairman, from 1951 to 1970, who said the Fed's job is to take away the punch bowl just as the party gets going.)
The idea of losing the punchbowl is frightening to some pros who aren't sure the stock market can advance without the punch or stimulus as a crutch.
And their worst fears surfaced today after Atlanta Fed president Dennis Lockhart said the Federal Reserve may be able to reduce its bond-buying stimulus plan before the end of this year.