If you doubt the effect that stimulus has on stocks, look no farther than the headlines over this weekend.
The Shanghai market rallied more than two percent to its highest levels since 2009 after Premier Li Keqiang said China was prepared to take action to stimulate the economy and the government had a "host of policy instruments" it could use.
This is as close as you can get to Mario Draghi's "whatever it takes" statement, and this is from the leader of China!
Europe is also rallying on the weakness in the euro and the stimulus being provided by the European Central Bank. Germany's DAX is up 1.5 percent at another historic high, while France's CAC hit a seven-year high and Italian stocks touched a four-year high.
If you have any doubt this is stimulating interest in European equities, just take a look at the fund flows for far this year for Europe and the United States.
Q1 fund flows (source: EPFR/Financial Times):
The inflows into Europe are mirroring the outflows from the United States. The previous record for European inflows was $32 billion in the first quarter of 2014.