With exuberance and peak confidence in the abilities of politicians and central banks — the two most inept and incompetent type of people — risk markets have jumped quite a lot over the past month or two, and with it investors sentiment as well.
Markets are soon to be disappointed, and getting into September with such a valuations and such sentiment levels will be very risky.
It's time to get ready to short equities across the board — including AAPL will peak the day before or after the iPhone 5 release. US and European equities might peak on Friday with the Fed announcement that there will be no QE3 at this time — and why would there be one? Rates on US treasuries are close to their all time lows and equities are close to a multi-year high!
On the short list is also the bubble economy currencies: CAD and AUD on the top of the list. And in commodities, while I expect weakness across the board Gold, Silver, Oil and the rest of the commodities complex — including ags and grains, no matter what rationalisation about drought etc. you see on the news.