JUst your opinion? You seem pretty sure about it only being a "bear market rally".
Every single rally in history sooner or later retraced so may all ralleys are bear market ralleys and maybe tehr is no such thing as bull market, there are only bear market ralleys.
I agree with you (and some others) who say that, at least for the moment, valuations don't matter. Does anyone have a link to a SnP P/E chart for the past 10-20 year with an overlay of the index?