It is tough to be bullish in the short term due to the sheer size of the recent rise in the market combined with an economy that is clearly not firing on all cylinders. It is also difficult to be too bearish because the ECB's decision Thursday morning can potentially ignite the market. I believe market participants have room to add exposure as many are still cautious. LTRO III is a distinct possibility and could be the catalyst.
I do not see an easy trade at the current juncture as we are extended in the short term but there is still room on the upside in the intermediate term. I am market agnostic after the recent move.