We are far from a level of market euphoria. There hasn't been a peak with anywhere near the current level of low market bullishness for nearly two decades now.
I never thought I would say this, but Ben Bernanke is looking very smart right now with his wait-and-see approach to turning on more economic stimulus.
It wasn't what the market wanted to hear. But Ben Bernanke's Jackson Hole speech gave a hint to what might trigger QE3: More bad news on the jobs front.