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But not impossible.
"There's still plenty of upside if you know where to look," said Money Morning Chief Investment Strategist Keith Fitz-Gerald. "The game has become more one of choosing the right stocks than it is worrying about what the broader index is doing."
And the market indices have been drawing a lot of attention lately. The Dow made its 11th closing record of the year last Friday. And the S&P 500 had its third consecutive record close on Friday – its 22nd of the year.
Having passed its fifth birthday on March 9, the current bull market is already one of the longest in history. If the S&P's rally goes on just two months longer, it will surpass the bull market of 1994-2000 to become the longest bull run in 85 years.
Numbers like that tend to scare the typical investor, particularly those who were burned in the dot-com bust of 2000, as well as the more recent financial crisis of 2008. And they are not wrong to think we're due for a pullback.
"Large stocks have more than doubled in the past five years. Small-cap stocks have tripled. A summer correction would be a normal and welcome occurrence," Fitz-Gerald said.
Such a correction would be an opportunity to buy stocks you've had an eye on at a discount, he said.
And if the markets simply level off, there's opportunity there as well.
"Any consolidation at these price points represents a chance to take profits and put new capital to work," Fitz-Gerald said.
Beyond that broad outlook for how to invest in a toppy market, Fitz-Gerald said investors should focus on three specific things.