Yes the Fed isn't the only factor driving the markets up, however fundamentally the market should be going down. Interest rates have been a big factor to the market melt up but mostly due to the Fed pumping liquidity across all sectors, and there is more to come as there is no limit to how much they can print during a deflationary crisis as inflation is delayed (2-3 year delay). Printing currency has its benefits and drawbacks but to save the economy printing short term was the right thing to do, and yet a side effect of this is the re inflation of the equity bubble or even a inflation into a hyper bubble. The Endgame however is inflation of 10% + when the economy recovers and the liquidity finally shows up.