I have not kept up with the market very well over the last week and a half because I've been on vacation, but it has definitely been acting up. Volume has not been present the last week. There have been no good fundamental announcements as far as I have heard from London. Also, supply seems to be coming closer and closer to finally outstripping demand after 2 months of good fortune. The people who are buying equities right now are retail investors. None of the "smart money" is buying right now. The volume of this uptrend has dried up, and it's rising on hot air. I won't speculate as to when it will stop, but I'm definitely sitting on the sidelines because it could end at any moment.
It is always important in investing, and life to "stick to your guns." Now I'm no hunter, but one of the founding ideas in technical analysis is trend. Part of that pillar is that around 1/3 of the time, markets don't trend. We could be entering into that 1/3 of the time. However, this still isn't something you want to put your money into. I'm sitting on 50% cash.