Does this rally go on?

This has been a great rally , catching most off their guard. But can it go further? It sure can , that's the opinion of quite a few respectable traders.
But keep in mind this is a bear market rally. Once its over we start our usual grinding down, sell offs.
For now the P/C etc has been too low and that suggests a pullback, a short one at least , after which we can rally again.
I will say this , and I know its confusing ( hey no one said this is easy ):
1. Do not under-estimate the strength of the rally.
2. Do not under-estimate the bear market.
So what is one supposed to do? This is what I am doing, make small trades, take qick profits.
Remember how bad the markets were? We can rally maybe till 800 or maybe some more.
But we are still in a huge bear market.
The trend is your friend, the long term trend is down , but this short term is now up. So do not commit too much , remember this can change any minute.
Now I am thinking if I should buy some RIMM on todays weakness, some calls, very small trade.