After watching the market completely reverse yesterday's sell off it's pretty clear that the Fed is not going to allow any serious correction in the stock market. If they did they would have to reverse their stance on tapering, and boy would they look stupid if they did that.
At this point I think one has to throw caution to the winds and just buy stocks. Knowing that the Fed is going to protect the market for the foreseeable future.
Sure at some point the parabolic move is going to collapse, and when it does one will lose everything, but it sure will be fun till then and a few lucky souls may even manage to get out in time before the crash.
So for the time being forget about stretched cycles, forget about poor employment numbers, or weak earnings. Don't worry about momentum divergences or trend line breaks. All one needs to know is that the Fed is handing out free money and all you have to do to get your share is buy stocks.