Guy Stephens, technical investment director for Rowan Dartington, said no matter what the fears: "For the time being, investors are remaining invested, mainly in equities and bonds, because there are few available alternatives.
"While there are no dark clouds with respect to earnings on the horizon, everyone is prepared to ignore the valuation concerns and keep their fingers crossed.
"When a market correction comes, it will be sudden and savage as real fear returns. Any investor who is not prepared to remain invested for the longer term and needs to crystallise value within the next couple of years should be careful indeed and consider a staggered programme of crystallisation rather than continue to ride the wave in anticipation of perfect timing.
"Arguably, the longer the bull market runs, the more savage the shock when it ends."
simoney.kyriakou@ft.com
