When I look at the bigger picture I see an underinvested investment community. However, when I look at today's action I am starting to see some extreme short term sentiment. Call buying has been extreme today. This is the first day of hand over fist bullishness I can recall since the rally began.
My bigger picture view has me holding on to my core medium sized net long position. My short term view has me cutting back on trading longs and non core positions.