It's hard to keep some powder dry when I see such positive action almost everywhere. I just have to keep in mind that there are probably a number of shoes out there that have yet to drop, so caution and patience are the words for me. Below is a snip from Yahoo Finance with the last paragraph really making the point.
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"The rally was probably going to happen anyway, it was just looking for an excuse," says Mark Dow, hedge fund manager at Pharo Management, which has about $2 billion of assets. "When markets are ready to rally, any catalyst is enough to get things going. Then it starts feeding on itself."

Obama's talk about a major fiscal stimulus package "could infuse more hope" and stocks could be in for a "powerful" short-term rally, the money manager says.

But "it's hard to see it being sustainable," says Dow, whose firm is in positive territory this year (he declined to specify further). "A lot of people still have to deleverage — [they] need to sell into the upticks."

Those "people" include hedge funds that haven't fared so well this year.

"A lot of hedge funds are going to die," Dow says. "The only thing keeping more funds from blowing up is they're gating things," or not allowing investors to take their money out, something ailing funds can only do for so long.