"Birinyi Associates: Market at Extreme Overbought Levels"

The DJIA futures are indicating a 95 point drop at the open.
A twofer. First up, CNBC from Thursday:

The stock market has entered extreme overbought levels, with nine out of ten S&P 500 sectors trading within 2 percent of that level, according to a research note by Birinyi Associates.

Using a sector-timing model, the market research and money management firm determines absolute overbought or oversold pricing levels to determine entry and exit points. 

"Currently the S&P 500 is 5.15 percent above the top end of its trading envelope, which is the highest it has been in the past year.  We consider anything within 2 percent of that level extremely overbought," says Kevin Pleines, equity market analyst at Birinyi Associates....MORE

And from Minyanville:
The Stock Market's Upcoming Monstrous Week

Chart courtesy of www.stockcharts.com

...MORE 

See also Oct. 19's "Analysts: EUR/USD to $1.20 or Market Melt-up":
From ZeroHedge, served with a side of snark, gratis:
Throw Away The Shackles Of Your Birinyi Rulers And Be Free! Hungarian No Longer Bull; Now Just bull

Hark - either the end is nigh, or we are about to see one of the biggest market melt-ups in history: the man who conceived, developed, and distributed the Birinyi Ruler to a Comcast financial comedy cable channel near you, and to late night comedy in financial circles everywhere, is no longer a Bull. He is merely a bull...