I've said before that by my indicators, the market is overbought and likely due for a correction. However I also said there were too many people with that line of thought and it'll require the market to continue staying high before that sentiment drops. Generally I find the market only falls when most of those people waiting for it to drop gives up (so called bear trap in a way).
Is the market getting there?
Latest sentiment survey results (from Ritholtz.com) would say we are starting to get close. Bearish sentiment dropped 6.5% to 32%...still higher than historical avg of 30.5% but its a sign the bearish sentiments are starting to die down.
The market has definitely been rough for the bears. I stay highly exposed to the market but with a slightly growing cash pile for when opportunities appear.