As Darkstar says hes looking for extremes in sentiment. What I would say is take a look at the Euro at the moment. Ok its been bullish on rumors of a rate change but I'm still thinking that the Portuguese issue is quite major.
Another quote from WSJ
[color=red]The political crisis comes at a delicate time. Portugal faces repayments of €4.23 billion ($6.02 billion) in debt next month. Uncertainty about the future course of economic policy ahead of an election would likely increase Portugal's already high borrowing costs, and...Ignored
Well I wouldn't go by EU "looking" over extended" because of some report from WSJ of the possibility of portugal needing a bailout, you're going to have to pay more attention to how that developes along with the bailout funds and others things going on right now.
Anyway, what level are we at, how were things last time we were at these levels, etc etc tons of questions to think about. Money seems to be flowing into the euro right now apparently. I also think you have to weigh out what that money is paying attention to or thinking about.