These one day moves that cause flutters in investors’ minds will come off and on during strong bull rallies. There is definite froth in small and midcap and more so in SME segments. But as long as the music of liquidity continues, party goes on. Someday the music will stop ( liquidity will somehow reduce) and then things can start going south. When that happens is anyone’s guess.
So for us retail investors, choice is either to join the party and stay near exit, or stay away totally and watch the fun from a distance. I have seen some investors taking a cash call few months back and having regrets, but ultimately joining the party and now fully invested. For me, staying focussed on the companies I am invested in or intend to invest in has always made a lot of sense.
Predicting tops is a tough exercise. I can do that like some experts on TV who predict a market top every week since nearly 3-4 months, and get right atleast once. I can then have a lot of bragging rights, because I can then trumpet my one right call for the next year, while forgetting the 10 or more wrong calls I made earlier. 
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