Perhaps the S&P 500 will keep rising this year. But if it does, it won't be because the index is dirt cheap.
FLG has a bunch of cash sitting in his IRA from a rollover he just did. Usually, he wouldn't be paying too much attention to these things, just rebalancing the account every year on his birthday. But since he has the cash in there he's getting cold feet about getting into the market right now. Probably not smart. Nevertheless, it just feels overpriced, based on low volumes, and people are trying to rationalize themselves into believing its a good, strong bull market.