Small caps leading is always bullish. The coming revision of 1Q GDP, expected to be +1.5%, is also bullish, as are all the shorts out there on the books, as I've pointed out recently.
From the longer term side (at least Flagpole and me), I'll put up some real numbers--no funny business, no mythical trades, everything above board and can be seen in this thread. The six stocks I listed many pages above, I purchased on 6/22/2009, the same day I went from being short to being long stock futures. I rotated from SP600 to SP500, but I am still long all of that, and these are the YTD percentage return for those six stocks:
QRVO 22.85% (TQNT merged with RFMD on 12/31/2014 and is now QRVO)
I'll leave it for the Chicken Littles to explain how much they made this year by being out of the market.
And this is why you should not be too concerned when somebody says the market is "overvalued": I've known people who said the NASDAQ was overvalued at 1500. Back in the 1990s when I built up my retirement nest egg, I started to phase out in the fall of 1998 after Warren Buffett said in his comments to investors that year that he had stopped buying stocks because he could not find anything worth buying. I sold half in October 1998, half of what I had left in October, 1999, and the last 25% in April 2000 (when Yahoo, not IBM or GE or Chevron, became the market leader, you knew that it was going to end badly). In my last 12-`18 months in the market back then, I was probably making 100% returns on stocks that I had...but most of my money was not in the market. I left a lot of chips on the table. The lesson I learned from this was:
Ride that Tiger until he turns around and bites you.
You can go back on this site to 2007-2008 to some disagreements I had with Flagpole, when I pointed out in the Fall of 2007 that Private Bankers were advising wealthy clients to move from stocks into bonds (this was on CNBC), and it was still a few months after that when I went short the S&P in the first week of 2008. You had LOTS of time to get out if you wanted to get out after the bubble top happened. But as Alan Greenspan said, you can't call a mania until it's over.
George Soros and the Quantum fund made most of their money jumping into commodities after they went parabolic and riding them through the top. That's what you miss if you panic because somebody thinks the market's overvalued. It can be much longer than you think, and it can be a LOT of money that you don't get.