A lot of folks are saying that, and have been saying it seems like forever; but when I get out PE's, div-yeilds, etc. I'm really hard pressed to find a clear signal.
The quality of earnings concerns me. As is generally known, many companies are buying back shares with borrowed money. This can be a smart thing to do given that low rates make this financial engineering possible. This juices earnings since there are fewer shares outstanding after each round of buybacks. So even with a flat revenue, you can still achieve “higher earnings”. But what happens when all those easy buybacks stop because of rising interest rates?