The Delaware River is running at summertime levels (3.90 @ Riegelsville) and that is because most of the precipitation that has fallen over the last few months has been in the form of snow and ice.
The entire watershed is covered with snow and the river and its tributaries contain thick ice sheets. This is the classic set-up for the most wicked type of flooding that occurs on the Delaware River and elsewhere. The last such event was 1996 and it impacted the Lower Delaware and many tributary streams such as the Perkiomen Creek.
Even though conditions are perfect for flooding it could turn out that we'll see a gradual melt and thaw period with little rain. It's also possible that a two foot snow will hit us, followed by heavy rain and warm temperatures. The winter ice-jam floods can occur anytime between January and March.