Some interesting data here in The Socionomist on the Gallup Healthways Well-Being Index, which measures social mood. This seems to support the idea that shifts in collective mood often preceeds changes in direction for the stock market.
If this is the case, the rally that started in mid-2010 may be running on vapors.
I’ve found socionomics to be a very useful tool in helping to understand patterns of behavior. The main principle is that collective mood has an influence across a broad range of areas – including politics, relationships, the arts, and the economy. For more reading, The Wave Principle of Human Social Behavior by Robert Prechter is highly recommended.