Where are we in the emotional stock market cycle (not today, but overall)?

If you're a strict "buy-and-hold" or DCA investor, please disregard the following because it probably doesn't apply to you, but I long ago saw (don't recall where) a model for how investors respond ***emotionally*** (as opposed to *rationally*) to the market cycle.

Setting aside any objective views of whether we think stocks currently should be either 1) poised for a recovery or 2) on the verge of further losses, I'd be curious to hear how others view where we are in the emotional cycle right now. For example, you might think we're worried or panic stricken or even that (overall), we're already in some stage of rebuilding.

I'll save my thoughts about it for now. However, for perspective, I'd say that the buildup to the [dot.com](http://dot.com) crash was the clearest example I've ever seen of "Euphoric." In fact, it clearly was off the charts into irrational exuberance.

Where are we right now?

* Cautious (First Stage of Rebuilding)
* Hopeful
* Positive
* Confident
* Thrilled
* Euphoric (Top)
* Surprised (First Stage of Decline)
* Nervous
* Worried
* Panic Stricken
* Defeated (Bottom)