Just how overbought is the current rally?  Data from David Rosenberg would imply that we are currently living through a statistical outlier:

•  GDP has expanded by 5.3%, on average (now just bottoming out)
•  Corporate profits are growing at 34%, on average (ditto)
•  Employment has rebounded by 2.1 mln (still declining)
•  Bank lending rose an average of 16.5% (ditto)
•  ISM is at 58.9, on average (now 52.9)
•  Consumer Confidence (Conference Board) is at 91.8, on average (now 54.1)

Source: Gluskin Sheff