I'm not in panic but I am getting concerned.  The Market in my opinion is getting frothy.  Most of the gains in your portfolios come from increases in the individual stocks' Price Earnings Ratios not from increase in Revenue and Earnings.  Both individual and institutional investors are betting that increases in Revenue and Earnings are just over the horizon.

I try not to bet, I try to be rational and maybe, just maybe we are entering another period of Irrational Exuberance like the one Greenspan warned us about in the past.  History sometimes repeats itself -- but not always.

Right now I am monitoring the 
Conference Board's US Index of Leading Economic Indicators and The Value Line Arithmetic Index. Both are still on the rise but I am monitoring for weakness.

In my own portfolio I am still riding with the market but if I start to get saddle sore I'll get off the horse immediately.

Look at each stock in your portfolio.  Only 3 things matter:  Price, Revenue and Earnings.  Predetermine now what decrease in each would make you sell and stick with your head not your heart.

Please heed my warning and don't wait until it's too late.  Have a plan now and stick to it.  Don't wait until your portfolio drops 50% like many of you did last time.