http://seekingalpha.com/article/192430-the-british-canary-keels-over

conclusion:

Heightened downside stock market risk
Meanwhile, Mark Hulbert reported that there is too much bullishness in stocksand in gold, which are contrarian bearish signs.

John Hussman believes that "the Market Climate for stocks was characterized by unfavorable valuations, overbought conditions, and hostile yield pressures". To put the current conditions into perspective, Hussman gave a market history lesson:

Based on the current overbought status of the market, there are only three similar periods that we can identify in post-war data: August-October 1999 (which was followed by an abrupt air pocket of greater than 10%), September-October 1987 (no comment required), and September-December 1955 (which was followed by a 10% correction, a brief recovery, and a secondary decline to re-test the initial low).

The top-down macro, fundamental, technical and the sentiment pictures are all lining up bearishly. Don't say you weren't warned.