If I were smart I'd start shorting. Just so you don't mind waiting out some possible higher highs.
Peaks in -7 years often come in August or later. The following correction can be a doozy.
I'm not saying don't short now, but it could be early.
OTOH, the Shanghai (shank-them-high) bubble may have already peaked (another big drop last night).
Our bottom line is that it really doesn't make any difference to any of us what "the market" is doing because none of us are buying into "the market". Lizarde has been enjoying emerging markets this past year, I like whatever has high earning growth, we all do what works. FWIW, I was ;pretty happy with some Hong Kong stocks a few years ago, at the moment my only foreign position is
CPL --up 55% over last year but I doubt I'll be holding it that long.
Also, those downward peaks and dips show up on the S&P 500 but not on the NASDAQ which keeps making new highs...