Notice how many bears are shaking their fist at this market? Notice how many bulls are expecting a selloff? (They think a haircut would be healthy, setting the stage for a strong 4th quarter rally: the proverbial pause that refreshes.)
Among the bears, a lot of smart folks think this move is nothing more than a "head fake," or "sucker's bet," fueled by a "short squeeze."
If you peruse the following charts you'll notice they all have something in common: a weak opening followed by a strong finish. With the exception of last Wednesday (when the media went nuts over a plane flying into a NY high rise), this market has absorbed the initial wave of selling and then continued its march higher.
If this is a headfake or short squeeze we'll get a hint of trouble to come once we see that pattern reversed: exuberant buying at the open followed by distribution.
Maybe then we'll begin to see the bulls shaking their hooves at the market.