The bullish momentum of global equities, which started a month ago, has extended into the first days of April. But the pace of the rally has made many investors worried that the claws of yet another bear trap are being sharpened.

“We’re not out of the woods by any stretch of the imagination,” said Andrew Milligan, head of global strategy for Standard Life Investments. “One only has to look at the pace of rising unemployment and what that entails for corporate profits in 2010 to remain cautious about the equity market.”