Have we come too far, too fast?

While nothing is stopping this market, even bad consumer confidence numbers, the common thinking is that we are seeing "end-of-month" window dressing and we need to come in from these overbought levels. After all, we have come straight up from 1120 with almost no break. Yet, as we know, this market has done anything but what the general consensus thinks. I don't really know how we'll act tomorrow but my portfolio is still 50% cash. I'm ready to put it to work if this market corrects. Even if the market fools us all and shoots straight up to 1250 (the next level we're sure to see resistance at), it's better to be only half invested and miss the move up than be fully invested while we test the lows or worse!