I don't see any big buying opportunity.

You'd do fine to buy small caps at this point, but I think there will be a better opportunity coming soon.

I don't know, though. Timing the market is incredibly tough. Valuing the market is different. Valuations are still super high on large caps, as you note about the S&P 500 CAPE. Valuation is a bit below average on small caps.

A bit above average return on small caps going forward would be pretty good. I should probably just go ahead and buy them. But, the possibility of getting a significantly lower price that will lead to super-charged returns is awfully enticing.

But then it's never easy to pull the trigger when the blood is in the streets, as the tendency is to get scared along with everyone else and think that an even better buying opportunity is coming soon.