Smoking gun of the Rally?

Funding a Rally Extension -- Seeking Alpha

"As we have seen with the permanent open market operations (POMO), it appears that much of the stock market ramp (at least for the first half of the 2009 rally) was demonstrably accomplished with POMO funds paid to primary dealers that plowed the money into stocks. We have also correlated large increases in bank non-borrowed excess reserves (green in chart below) with stock market ramps. The chart from the previous post is updated here:"