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Does that mean it's time to cash out?
But it is time to take some well-advised precautions - which can be achieved with some simple hedging strategies, according to this market veteran who's seen it all before.
"Back in early July, the Dow was trading at less than 9,700 ... now that it's north of 12,000, we're climbing into thin air," Fitz-Gerald said in an interview. "Don't get me wrong. I'll take higher markets any day, because it means that all boats are floating on a rising tide. But I'm leery that there's a monster lurking underneath the surface. And you should be, too."
With all the financial woes in the global economy, the worst thing an investor can do is to "freeze up." With all the ups and downs in the market, it's all too easy for investors to allow their emotions to take control. That's when the smallest mistakes turn into the biggest mistakes.
There's one antidote for this problem ... remembering a few basic rules. Just embrace the 10 ideas that follow and you'll be in line to make some serious money in the months ahead.