I like to call this the "fear of missing out" trade... Working in the city, it is clear that most guys running the smart money haven't participated in this crazy rally (the saying "sh#t floats" has never been more true!) - and they feel pretty miserable about it!
Hence what we've seen is people who haven't yet enjoyed the upside, using any pullbacks as a chance to get in and buy beta which is a massive change in psychology to only a few months ago. Even the more traditional/conservative funds have had to get their hands dirty. This is what has helped support the market to the upside.
Fair play to Odey, he saw opportunity when the rest of the world was in a state of irrational selling. However, it is starting to feel like its gone too far the other way, for now at least.
Therefore whilst I do believe this rally is running out of steam and we may see a return to range trading soon (esp' as the FTSE and others reach key resistence levels) I don't expect there to be a major pullback to the levels seen earlier in the year. We're going to have to wait until Q3/Q4 for that, assuming there are no green shoots of course.