Morgan Stanley: Prepare for Sell-Off... thinks market has gotten ahead of itself... sees 2 risks - the put/call ratio represents overly bullish sentiment levels that are historically followed by sell-offs & the sign of excessive risk can be best seen in the run-up in the small cap vs. large cap ratio - risk assets, represented by the Russell here, have surged to their highest ratio in terms of large caps in the last 12 months... click chart above to enlarge...
http://pragcap.com/morgan-stanley-prepare-for-a-sell-off (3*)