My only comment is that when nearly "fully invested"..... seems prudent to have perhaps "sold a bit more" during recent strength of last last week. Breaks of trendlines would have been decent "sell-points."
YES--Lack of mo-mo buyers/players can cause considerable downside. The "mo-mo guys" could give a rat's ass about PE's, PEG ratios, etc.....
"Merrill Lynch’s Risk and Liquidity Indicator, a measure of risk appetite, has risen to its highest level in two years, just before the October, 2007 top, and shows that investors are now preferring emerging markets, particularly China? "http://syhardingblog.com/new/