I’d rather experience a bull market fueled by improving fundamentals and leading economic indicators than one premised on upside risks due to potential progress on entitlement spending and the possibility that QE stimulus withdrawal might prove benign.  While the future remains uncertain, the herd is on the move.   Whether they get spooked in another direction is a risk of running with the bulls.  In 1997, I thought stocks were expensive.  They doubled in 2 years.  Then they got cut in half.  I think a tactical approach can serve a portfolio well in this type of market.  Enjoy the ride.