There is no particular reason for positive risk sentiment in this current environment, and of course, the more expensive equities become, the more overvalued they are. We dont need to begin talking about p/e ratios to understand this. The technicals are highly in support of a short risk outlook, markets can remain irrational longer than you can remain solvent, time for the irrationality to end. One can begin looking for short entries at this high quality supply level, a break of the current trend might be desired for a lower risk entry.