Update: If this were a stock, I would fully expect the VIX to retrace to the 50dma, which would indicate a correction in the making. Between that, lack of volume on leaders, and overextension of leaders, I fully expect this market to start a real correction over the next week, maybe two. I am still 148% invested, down from over 200%, but my stop have been moved up real tight. I've basically rid my portfolio now of any laggards, and am trying to hold the stronger for the last spurt before the next set of bases and pullbacks. Any opinions welcome.
Here's an updated snapshot of the double top on the VIX I sent out about 2 months ago when the market followed through. It is acting well and trending right along the 20dma and consolidating right near a support area. Another breakdown here could lead to a final leg up for this run. It's probably going to be fast and furious and finally lead us to the long awaited correction, right after the final suck in rally.