The unemployment numbers are looking very good lately. A Dow knocking on 20,000 does wonders for MY consumer confidence. Real estate is strong. That matters to many people.
Each year I tend to follow the "buffett method" more closely and he stays fairly fully invested all the time. Buffett does some simple things that anyone can copy. So while I worry about the current level... I'm not selling except perhaps to lighten up on one holding that's grown quite big.