On Wednesday all the pro traders could talk about was the remarkable advance in the market.
Gains were broad, with all but two of the S&P 500's 10 primary sectors up more than 1 percent. More than three-fourths of stocks traded on the Nasdaq ended higher, while 73 percent of New York Stock Exchange-listed shares advanced.
Technology was the day's strongest group, with the S&P technology sector index up 1.8 percent.
However, the strength in cyclicals captured the attention of many pros; the group is closely tied to the pace of economic growth and had lagged until quite recently.
Considering the strong advance, bulls are convinced the rally is just getting started.
Bears, however, argue that it doesn't get any better than this – and therefore the next move is bound to be lower.
As the market enters uncharted territory, how should you position?