"I suppose it is tempting, if the only tool you have is a hammer, to treat everything as if it were a nail."
Abraham Maslow, The Psychology of Science, 1966
Apparently while Maslow made this saying famous with a more elegant formulation, the original source of the image is from a Mr. Kaplan who wrote his 'law of the instrument' in 1964.
"I call it the law of the instrument, and it may be formulated as follows: 'Give a small boy a hammer, and he will find that everything he encounters needs pounding.'"
Speaking of boys and their toys, the word that has made its way across the trading desks is that the Fed's put is back on, or more colloquially phrased, while Bernanke keeps printing, certain favored classes of assets can keep going higher, without regard to fundamentals, except for significant event-driven incidents, that will be quickly papered over.
Otherwise, the dips will be shallow and the trend will be maintained. For how long I do not know, but as the VIX shows, perceived risk is back down to low levels ...