Dow 15000: U.S. Bull Story Remains Intact

Last October when the Dow was at 13300 I wrote that the effect of QE3 would become visible by the spring of this year:
“The impact of QE3 will only be felt cumulatively, as the little bits start to add up over the next six months. Six times $40B is $240B, which would represent a 9% growth in the Fed’s balance sheet, which becomes more significant--but that’s next April.”
--- “QE3's Market Impact Will Be Visible by Next Spring”, Oct. 11th, 2012

In December when the FOMC stepped up the pace and the Dow was at 13100 I wrote:
“Assuming that the Fed implements QE3 as announced Wednesday ($85B/mo), I expect to see the Dow around 15,000 next Christmas. This is because the Fed’s balance sheet should grow by $1 trillion next year, a 36% increase over where it is now.”
--“2013: The Year Of Printing Money”, Dec. 15, 2012

In March when the Dow was at 14250 I wrote:
“In December, I predicted a 15000 Dow by yearend. My current view is that we will get to 15000 by mid-summer.”
--“Stocks Will Go Higher As Reflation Gains Credibility”, March 5th, 2013

The Dow hit 15000 on Friday. I called the 2013 bull market correctly, and I did it using a single indicator: expected growth in the monetary base.