The stock market has been on a tear, and that's great for the most adept of market timers. Of course, virtually no one is a great market timer. Long-term performance is the truer measure of investing acumen. The stock market has been rocketing higher on artificially low, manipulated interest rates that are not boosting the economy as much as hoped. Stocks have been a high reward/high risk place to be. And apart from any further high reward, they remain high risk. Just see what happens when Ben Bernanke steps off the accelerator.
Risk is the issue as this tenuous market moves higher, and it needs to be mitigated. This is recognized in the design of the Stable High Yield model portfolio that I manage. Since its inception date of July 7, 2011, the model has returned 12.2% vs. 9.0% for the S&P 500, with 73% less risk.
The economic underpinnings and contrived Fed policy do not justify a heavy allocation to stocks at this time, despite the hard-charging bull.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.