The run up has caused me to pretty much sell out of the market at the moment. My only positions include BKE (just too cheap here), and short CHK.
I forced myself to cover the market short position. Will wait to see stresses in market psychology before I short the market again. There is simply too much positive sentiment at the moment. Nothing seemingly wants to have a healthy correction, and when this happens there is too much 'blind buying'. I do not like trading in these conditions.
In the mean time, I am patiently waiting for the right conditions to develop.
IMO, top side is limited here, and I do not fear lost upside as I have profited very nicely these past couple of months, and from last year monsterous decline. So I don't feel the need ride the current rally. Once the favorable conditions (or at least conditions I understand) are present, I will not hesitate to enter.