Couple thoughts:
1) Don't think much retail participation yet. This won't really heat up until Smart Money passes the wand.
2) Could be R&R conference may set limits to selling.
3) I'm still not ruling out that Smart Money may take another break. They have been pretty cagey. Large sellers taking advantage of the increased liquidity may overplay their hand and create too much supply.
4) Regardless, I don't see this run as being over. It may take a break or two going forward.
5) Overall, Smart Money usually moves on information. Information, often not obvious to the general market. Once this information becomes clear to all; then, Smart Money reaps in their profit as price reflects the information. This is key, because timing is a question, but direction is less so. Just follow the Smart Money.