Methinks it’s just the latest bubble, or fad. The stock market will follow the dollar, and lose value. Give it time.
I have no doubt it is merely a suckers ralley. Problem is, like with the housing bubble, if I had gotten in when I saw it was going to be a bubble (that would be the day the banks increased the amount of monthly income you could apply to your mortgage payment to 50%), I could have gotten in and enjoyed the runnup for several years on LOTS of property before it finally crashed.
Looks like a few people are living that dream with the market right now. Your experienced technical traders will do fine with this since when the bottom does fall out their stop losses on current holdings will limit their actual losses at that time.