How Overbought is it?

Last week the market had the best week in over two years, rising 6% for the week.  My daily market analysis was quoted today by David Steckler in his market blog ... Dave is retired now, but spent 20+ years as a Financial Advisor and was a member and past president of the American Association of Professional Technical Analysts (AAPTA), and a member of the Market Technicians Association (MTA).

I sent a cautionary post on Friday (7/1/2011) that the market will likely decline from here instead of continuing to rise, which he paraphrased in his post, "How Overbought is it?"