Hard to say, i don't think anyone has got a clue where this is...

Hard to say, i don't think anyone has got a clue where this is all going. US equitie markets are completely detached from reality. I still see plenty of buying opportunities in some Australian equities, and we're also seeing a lot of take-over activity. I think more money is flowing into bonds, but there is concern about how stable the system is over the next few years. The US government is currently paying the banks $750 million a day on parked money and there is concern that bond insurers are taking a hit.
Have interest rates peaked? It looks likely, but has inflation peaked? That's the million dollar question.