Depends on company profits and how highly the market is valuing these profits. The media focuses on the big three indexes even though they are a relatively poor indicator of market value.

Right now the market isn't extremely overvalued when considering the overall median P/B and P/B ratio. Yes stock prices are reaching new highs however profits are somewhat keeping up.

I personally hold bullish and bearish positions as a hedge against a sudden market upswing or dip. Bullish in fundamentally strong, undervalued companies and bearish in over-hyped, overvalued companies.

Until human nature fundamentally changes...

With the exception of a few very brief pull-backs, the Dow has basically been "in a bull" since it was created in the year 1882...

For years. Don't be fooled, our low interest rates are fueling the bull