Standing by my January opinion that we are headed much lower in 2014-2015. I believe MoMo has topped for the most part and could see a 50%+ correction. Nasdaq could see a 30% + correction. The good news is baring any funky HFT trading or unseen political and economic/market issues both the Dow and SP 500 which are currently in a topping process may be held to but a 18-21% correction.
Then again HFT's could decide to let them all rip to the downside. When I see a stock like even AMAT trading above a 50 p/e I've seen enough. I'd also seen enough when ETF's like $MDY and various tech or bio ETF's started to head toward $300 area with some doubling over the past 12-14 months.
With the S&P nearing a 20 p/e yesterday and up from 17.50 at the start of 2013 I'd want no part of the upside here (189-190).
Again, this is just my opinion where I believe the market is headed. As always it's your $'s on the line and your risk and reward.