Risk On...How long will this last before the burst?

From Bloomberg

https://www.bloomberg.com/news/2011-06-30/business-activity-in-u-s-expanded-in-june.html

Yes those pesky supply chain interruptions that were caused by the Japanese earthquake/tsunami/Nuclear disaster are beginning to go away and the consumer confidence is coming back so everything is grand in the ole US of A. Yes traders cheered for the Chicago PMI this morning, shrugging off the unemployment numbers that are still horrendous. Though none of this is a surprise to some, since there is still quite a bit of cheap money floating around :

https://www.economicpolicyjournal.com/2011/06/chicago-pmi-unexpectedly-jumps-in-june.html

As Robert Wenzel puts it:

Here's what happen after the first of the year with non-seasonal 13 week annualized money supply:
January +6.0%

February +4.4%

March +5.6%%

April +9.0%

May + 6.0%

"I am not, yet, a full out bull here because the money supply numbers are jumping around, but only economists not following money supply would simply forecast a continued downward trend."

So everything is going swimmingly and looking at Zerohedge just now there is an article describing "Irrational Exuberance is back". I am not sure when the equity markets are going to take a dump, but sometime in the near future they will. (6 months-3 years?) I'm thinking of shorting every rally in hopes for the homerun. This can't continue.