M1 is the total amount of money held by the public in cash, coins, and traveler's checks and in banks, regular savings accounts, and credit unions. Goldman Sachs economist Manual Abecasis wrote in a report earlier this year that measures such as M2 money supply haven't been reliable in forecasting what the economy will do for a long time. On the other hand, I won't be surprised if the market rises with continued economic growth, relatively mild unemployment, moderating inflation, and stable (or perhaps even lower) interest rates.