I find it shocking that after a four year malaise caused by a housing and credit bubble the Fed is trying to reinflate the same bubble. Unfortunately, the end result will likely be the same and perhaps worse. The situation depresses me but as an investor I must put this aside and play the hand that I'm dealt.
In the short run the market is getting quite frothy and I am expecting a pullback to start in the next few days. I expect that this pullback will likely be bought and that the market will climb from there. I will likely buy into that pullback and allow myself to be about 50% net long with very conservative, cheap, low beta names.
I have not yet decided if I will attempt to play the coming pullback I envision. I am leaning towards not because I will be out Monday and Tuesday of next week. Once we get a pullback I will likely hold my nose and buy.