Tomorrow is Thanksgiving in the US, a national holiday where tradition is to give thanks for that which you are grateful. So what should US equities be thankful for? At the top of the list is definitely the Fed's quantitative easing programs. Massive liquidity, low rates, and elevated investor confidence (due to QE) has certainly been a boon to asset prices. Without the Fed's unconventional policies, would major US indices be at record highs? The stock market can also be grateful to emerging markets and the Euro region, for not providing better or safer returns on investments. Stock investors can also thank Washington for not raising taxes on capital gains. Extremely low capital gains taxes means it's one of the most efficient ways to make money (in a bull market). Will stocks be thankful in 2014? Only time will tell.