1.     Not being in equities is akin to fighting the Fed and nearly every other central bank.
2.     Cash-rich companies are looking for ways to enhance share prices.
3.     Commodity prices are well contained.
4.     Global manufacturing is undergoing a renaissance.
5.     Few investors are enthusiastic about the bull market.
6.     Inflation is low and inflationary expectations are subdued.
7.     The federal budget deficit is declining
8.     U.S. energy production is growing
9.     P/E ratios in the high teens are reasonable at current inflation levels.
10.    Investors are more concerned about minimizing volatility than about maximizing returns.
    
    Bob Doll, Nuveen Asset Management’s chief equity strategist,

http://www.telegraph.co.uk/finance/personalfinance/investing/10881855/Revealed-The-worlds-cheapest-stock-markets.html

22 of the 30 countries highlighted are now overbought (more than one standard deviation above their 50-days),
and more than a handful are at extreme levels (more than two standard deviations above their 50-days).

‘Dr Copper’ used to be a great leading indicator for the broader market, evidence of a healthy underlying demand story. Investors followed his market pulse, but not lately.