agree with that PD - spot on
the only way we can make money is buying on weakness in an existing trend or buying something when the market hasn't fully valued it yet. IQE meets the latter condition, p/e yield around par, but high roll up potentials(GXL,GEM,VET,AFJ etc)
everything else, rest of market ,blue chips, and esp. small caps classic bubble stuff atm. CBA $82 nuff said.