I love reading the Leuthold Weeden research, Perception for the Professional (a.k.a. The Green Book). In its June edition, Leuthold's researcher Doug Ramsey concludes, "We continue to believe that this is a correction and the market is expected to break above the April 23rd highs some time this summer."
Ramsey continues, "Despite our still (cautiously) bullish outlook, historical p/e levels, which once provided support to the stock market, are expected to now offer resistance as the market moves higher.
"To us it seems that the small cap superiority over large caps may well continue, even though it has persisted for over 11 years now. there could be at least one more good upside left before the leadership changes."