I agree with Trader, the ramp higher is very suspect, especially when not confirmed by copper, Treasuries, or sovereign debt yields (Italy, Portugal, Greece, etc.).  

Nevertheless, investors are piling in and the S&P 500 has broken through resistance (false breakout? —little volume!).  This has “forced” me to pair back short bets to lock in profits.  While I am not bullish at these levels, I have to respect the price action.  I have a more neutral/bearish bias in my portfolio vs. being a straight up bear.