If you look at the price-book ratio on the S&P 500 at 3.1, it's also approximately double the historical norm of about 1.5. The price-dividend ratio on the S&P 500, at 34, is about double the historical norm of about 26. The price-revenue ratio on the S&P 500, at 1.5, is nearly double the historical norm of 0.8. This market is NOT "cheap."

From an economic perspective, corporate profits as a share of GDP are near an all-time high. Historically, a high profit share relative to GDP has generally been followed by disappointing earnings growth over the following five-year period. (Continued)

Sometimes cash is a good place to park your investment money.
If interest rates are rising put your money into the money market now.
Gaining 4 to 5 to 6 % on your money is better than losing 4 to 5% or more when the stock market starts to erode due to a weaker housing economy, the war is winding down, people spend more on gas and utilities to live, inflation, it looks like the bull is pulling in the horns and the bear is waking up.