Current Market Situation, from an ex-colleague

I have a special contribution today from my ex-colleague, Song Koon, who has been trading/investing full time for about 3 years.  Here is his reading of the current market with some minor edits from me:

"The weather is getting hot and so is the market. I guess those who have positioned themselves in Dec and early Jan are having a roaring good time.
The bull is real, keep cheonging, with more and more positive news and earnings. There is also Jan effect and end of month window dressings. Although minor pull-backs are expected, all the major crisis have been kicked down the road beyond middle of March. With still low valuation and regional play such as emerging Myanmar and China recovery, there is still lots of stamina going forward for Feb and early Mar. Just remember sell in May and go away, which I find holding true time and again
For STI, the upside is getting compressed. However, penny stocks with potential expansion in emerging markets seem having good time, especially those cash rich and having good fundamentals.
What's important now is that the stock picks in your portfolio are rising due to strong fundamentals, good earnings and giving regular high yield.  Apart from this, it is highly recommended to watch the news of stocks in your portfolio. Remember to take profit along the way, leaving some stocks to extend their run to juice the final drop."