The short term is a tough call as the S&P 500 is already up by nearly 90 points this week. That is the type of move we usually see during a quarter, not three days, making it very tough to chase. At the same time it seems that the crowd has been caught completely off guard by this move. We are not yet overbought (time wise) as the rally is only 3 days old and sentiment is not extreme.
I have moved this week from being positioned aggressively long at the beginning of the week to having a medium amount of market exposure now. I would really like to see a more definitive plan out of Europe given how far we have come. Have a good night.