Why is the stock market so worried?

S&P 500 futures 19 points lower

The cheap-money train is still rolling but stocks aren't cheering.

The post-Fed moves in FX and bonds make sense but the lack of enthusiasm from stocks is a puzzle. The idea trotted out in most reports is that Fed worries about China have stock punters worried 'the Fed knows something they don't'.

That's a stretch.

Here's what we do know: The Fed will never upset the apple cart. Any worries that rates could go up to 3.00% in the near, medium or long-term are fanciful. The Fed is still the best friend the stock market ever had.