We are gradually, slowly building investor confidence that the profit recession will end, ... What's leading to the bullishness is not anything you are currently looking at. Earnings are dismal, but investors are becoming more optimistic that the profits recession will end.
It's still very painful, and it still requires you as an investor to respond to it.
If you're an aggressive investor and can't sleep at night, then you should defend your portfolio by raising some cash and shifting into more defensive stocks,