We have witnessed a fantastic rally since mid November 2012. I'm out of long positions and went short on Friday right before market closed. The last leg of the rally (past 2 weeks) is ridiculous! Market screams over bought and as usually average investors are the last one to jump to the buying frenzy.
I'm looking to pull back to 1410 in coming days. on the other hand if S&P500 stays above 1500 for 2 weeks or more it means we are going to retest 2007 highs.