Were I to characterize the 2009-14 bull market in one word? Defiant. It has consistently defied both expectations and precedents, most recently reflected in the pace and extent of last week's rebound to new highs. We've seen similar rips higher, but usually in the context of bear markets.
What's next? I don't have a clear take. The closest I can come is the Summer of 2000, the week I happened to tune in to Bob Brinker's Marketimer when he casually suggested to a listener who asked whether she should hedge her bets, 'How many times do you expect the market will allow you to return to the trough?' I expect weakness in the weeks ahead (and therefore have no interest in going long), but I also respect the bullish tone (and don't plan to fight the trend).