Could be like Birchtree says, rocket ship to the moon. Could be a news-driven correction literally right around the corner. Take a look at this:
http://finance.yahoo.com/echarts?s=%5EVIX+Interactive#chart22:symbol=^vix;r ange=3m;indicator=ema(200,20,50)+bollinger(13,1.25 )+volume;charttype=line;crosshair=on;ohlcvalues=0; logscale=on;source=undefined
In the past 2 months the VIX has broke the 5, 10, 20, 50 and is now testing the 200 EMA. The volatility is now ping-ponging between the 50 and 200 EMA.
After April/May's 2010 Correction a lot of people were asking WTF happened. BT rightly pointed out that while equities were going up, so was the VIX. Then when the VIX broke the 200 EMA (around 20) the dam burst.
I don't post a lot but I hope other members are watching Friday's Unemployment report and then March 11's Retail Sales report. If Friday's hyped-up report misses badly followed by a bad Retail Sales report.. the bottom will fall out. Heck if Friday misses badly I wouldn't even wait till March 11th.
Then again if both reports are on target or better than expected, rockets to the moon. We'll just have to wait and see. But I suggest with one finger on the buy/sell trigger.