Investor sentiment rose to bullishness, which is a negative contrarian indicator. Multi-billionaire George Soros is one of the exceptions, taking a huge short position on the market. He has doubled down on his bearish bets, increasing his negative state to $1.3 billion. It is not the time to be getting into the market.
In fact, there is good reason to follow Soros. The Fed is slowing QE by $10billion/month, at which rate the stimulus would disappear by September. I don't think this will really happen, as the markets and economy are fragile. The Fed will likely stop its stimulus. What does this mean for stocks? I think there is a high chance of a 5-10% pullback over the next month, then another up-leg.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.