Emily Roland, co-chief investment officer at Manulife John Hancock Investments, says that she may be forced to believe her eyes and is whispering to investors "This time is different," which are famously described as the most dangerous words in investing. With leading economic indicators negative for 38 months, the long time when the yield curve was inverted, three months of negative job growth and more; all of those are supposed indicators of trouble and recession, but the difference has been that the market has overcome those concerns. Roland is encouraging investors to resist the urge to trade on political headlines, or to get caught up in "fear of missing out" and jumping into parts of the market that are moving more on sentiment than fundamentals. She says it is a back-to-basics market, where investors might want to look more toward bonds as a backstop to high valuations and headline-induced nervousness.

Brad Lamensdorf, portfolio manager of the Ranger Equity Bear ETF, says investors should be more nervous than they seem right now, because classic signs of trouble are building. Those factors include low money-market balances but high balances on margin accounts, suggesting that investors "are extremely aggressive and very, very off-balance here." Lamensdorf says that the market's current dividend yields and high prices make it the market "very, very expensive," at levels where some investors may feel they're not being rewarded for taking risk, a condition that is usually happening at times when bull markets are ending.

In the Market Call, Brian Huckstep, chief investment officer at Advyzon Investment Management, discusses ETFs and mutual funds, which structure he prefers and which parts of the market stand out to him now.