I'm not sure what the general view of 'transitionary' is but we seem to have accepted the idea that inflation won't be a bad thing as long as everything is generally positive (employment, sales etc) It's probably going to go higher than $430 before August but the chart didn't want to stretch that high. Basically we tried to do a leg lower several times this week, and the only result was more all time highs. And with the exception of little shocks here and there, people are buying. Hell, hedge funds might start buying equities again before the end. This is not normal, but people are determined to keep riding it until its too late -- and maybe a few bounces after its already too late. I mean eventually earnings growth will slow, so theres that. But it won't be too bad. They say.
I usually try not to tell you what to do -- too crowded there. I'll point out what price points/trends/patterns the pros are looking at and let you interpret what that means for your portfolio.