In my 25 year career I've never seen a bull market more disavowed, more hated than this one. People rationalize why the Dow should not be close to 17,000. And until the masses stop worrying about why the Dow should be at any given point... this is how a bull market climbs a wall of worry. Until the average person stops saying "it shouldn't be" and says "it should be," the bull market's gonna live on, much like happened in 2000 where the last couple of years everyone said "it shouldn't be here, it shouldn't be here." And the final run up into the 2000 peak was this glorious run, albeit in very few sectors. I don't think we're there yet. I think before this bull market ends, you're gonna have an amazing glorious run in a narrow group of stocks and sectors and that's going to be the final straw that breaks the camel's back.
Paul Schatz, president, Heritage Capital, interview on Yahoo Finance, August 14, 2014