If the BPCOMPQ and other such parameters indeed turn sharply (and stay for a day or two, in the BPCOMPQ example I use a cross back under the 14 DMA for a day or two), sure this phase of exuberance may be replaced by reality. But with exuberance, it is not possible, IMTO, to know how far it goes. The VIX value by itself is not very predictive, only a change in its direction is and that often comes too late just to reconfirm a change in trend.
Zeev
Market Data 
Markets 
AI
