So let's check out the facts. The Dow has had 51 historical Record closings in 2017.....51!!!!!!! Now I'm really really pondering...like really pondering what if there were 51 multi year record closing lows...you know..lows going back to 2012 ...I'm not even talking 2009 lows....how much would have the fed intervened by now......no one cools the market on the way up, but when it's falling they have circuit breakers, trillions in QE, emergency fed meetings, cnbc on air 24 hrs even on Sundays they have on air specials, they would be injecting markets with stimulus....and tarp and all these special incentives to push it back up......I'm reading article after article that state the market is in it's own euphoria and that a 5% drop is probably impossible....when this market finally falls apart it's going to be greater than any collapse the world has ever witnessed.... All this talk about the 30th year anniversary of 1987 has me cracking up....a 20% drop today in one day is impossible...with the fed backing up every piece of this market, a 1987 drop is impossible...why people even think it's possible and bring it up is Ludacris....there is too many trillions to risk . No way would they ever let it free fall.. however let it rise to 51 record closings in one calendar year well that's no problem, they just turn the other way until they are needed once again....when that is is anyone's guess....
There is something you are forgetting in your analysis. The failure of Trump's tax plan, plus a nuke from the DPRK. Combine them and we have a big problem for the longs.
Record closes mean nothing. We are rallying 10 bps a day. The US is under-performing half the world markets. Riddle me this batman. Let's pretend you had real money on the table and you are long the market. And you want to cash out. Where do you put it? Bonds? They are at record highs. Real estate? Also record highs. Private equity maybe? Probably the most overvalued. Until we see a meaningful rise in rates, there is no reason to leave equities. Has nothing to do with record closes. Wealthy people don't give two shits about that. They HAVE to be somewhere. They can't park the money in cash because their wealth is in trusts and they live off of the cash flows that come from the trusts. When bonds fall enough (higher rates), they will move their money back into fixed income and you will get your pullback. Until that happens they would be stupid to sell their stocks.
Everyone should be buying this dip with both hands and feet. Mortgage the house. Get a second mortgage if necessary. Kid's college fund? Liquidate. They'll thank you when they can skip college with the free $$$. All credit cards should be maxed out. There's no excuse not to get some free money!