Now that the S&P rallied over 60 pct since last March 2009, and pretty much all other markets except housing and real estate have also rallied (anything connected to financial markets that received the half of the several $trillion of US and other central bank emergency money infusions beginning big around March 2009) it begs the question when there will be a correction. Or a crash.

There is a hint in the above paragraph. Namely the US alone engineered about $1 to $2 trillion of quantitative easing. That means that the US bought all US mortgages by buying mortgage bonds for example. The US was the buyer of last resort - for everything. Including foreign markets, without making a laundry list of them.
Full article at: Financial stimulus