For me the big elephant in the room is US Treasury Bonds. They are surging and right at (or just above) a long term upper resistance trend line. IMHO they are gigantically overbought. When they start down the stock market will rise. I am watching for them to start down. I don't know that they will but I believe that's more likely than they keep going up at a quick pace.
http://screencast.com/t/J0duEIZa
The above chart shows a Price/MACD divergence which often signals a turn of some size.
With yields as lows as they are you would only buy bonds if you thought financial/economic Armageddon was upon us. It may be but I don't think we are quite there ... yet. Let's see ...
[Edited for grammar.]