Overvalued, Overbought, Overbullish

Here is Hussman's weekly commentary... Hussman Funds - Weekly Market Comment: January 16, 2006 - Overvalued, Overbought, Overbullish

And the 'money' quote:

On average, this set of overvalued, overbought and overbullish conditions has historically produced tepid results even when the broad quality of market action has been favorable on the measures we use, and has been downright mean when the internal quality of market action is unfavorable (such periods include February 1962, December 1972, and August 1987, all which shortly preceded violent declines). Given current conditions, the quality of market action is best described as either tenuously unfavorable or neutral, so in any event, market risk hardly appears worth taking at present.