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Originally Posted by coopranos
The drama is - are company earnings down significantly due to any changes? Are P/Es at highs that are similar to bull market reversals? Granted there are some casualties (CNP), and probably will be more, but they dont exactly make up a significant portion of our market do they? On the other hand people may have had these arguments just before every bear market
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Well....I can not comment on fundamentals at all.
I am a TA person, so my main concern is who is in charge bulls or bears. 
You may consider few social indicators below which I found in cyber space. 
- Involvement of the general public in speculating.
- Rising number of prospectuses for companies involved in software development, search for rare materials such as platinum or involved in bio-technology.
- Increasing stockbroking firms, particularly those created by banks or insurance companies who see broking as an easy source of money.
- A growth in the number of economic commentators who say the boom will last forever.
- A high level of new magazines and so called fool proof trading system dealing with the stockmarket.
- Low level of short-sold positions – kind of contrary indicator since the crowd is wrong most of the time.
- Easy credit for speculation.
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