I think this rally has further to go -- target Dow 9000 or maybe a little more. No way do we peak with VIX over 30. We may or may not get a significant retrenchment (I think we will but I have been wrong before).
I still expect new lows by summer/fall though. And finally a good bottom that can support a cyclical bull.
“The things that will destroy us are: politics without principle; pleasure without conscience; wealth without work; knowledge without character; business without morality; science without humanity; and worship without sacrifice.” Mahatma Gandhi