Week ending May 28, 2013.

Based on the figures, there appears to be no indication of a current bubble.

I do not see any chances of there being a bubble in the FTSE Index at this time.

Figure 1

Figure 1 produced with C++ code. FTSE Index. Six year window of data. Every data point is a new week. Every peak in the market is represented by a red vertical line.
1. Februray 15, 1996 – followed by a small 4.8% decrease and then quick recovery
2. August 29, 2000 – followed by a 20% drop
3. April 18, 2006 – followed by a quick 8.7% drop and quick recovery
4 . January 4, 2010 – followed eventually by a 12.6% drop

Figure 2

Figure 2 produced with C++ code. FTSE Index. Seven year window of data. Every data point is a new week. Every peak in the market is represented by a red vertical line.
1. September 29, 1997 – followed by a quick 11% drop
2. July 12, 1999 – followed by a quick 9.5% drop
3. June 4, 2001 – followed by a 25% drop
4. January 4, 2010 – followed by a 12% drop
5. July 4, 2011 – followed by a 15.9% drop
6. September 10, 2012 – followed by a small 5% drop and quick recovery