US at record highs: Should investors sell up or stick with equities?

He also dismisses the notion that personal income tax hikes will damage investor sentiment, pointing out that going back to 1926, counterintuitively, the S&P 500 has typically risen by 14.3% in the 12 months following a tax rise, compared to just 8% after a tax cut.

But not all of the US big guns are so positive, at least in the short-term. Raymond James chief investment strategist Jeffrey Saut says the market is overextended, with Wall Street using the Fed minutes as a reason to cool investors’ ardour after such a strong run. But the bull-run is back on track he believes, pointing to the Dow Jones Transportation index (Tran) also reaching a new peak. 

'The last time the Industrials surpassed a previous all-time high, which was confirmed by the Tran, was in January 1983. That was when the senior index finally traveled above the then all-time closing high of 1051.70 recorded on January 11, 1973; and from January 1983 to January 1984, the Dow added another 20%,' he said.

Although cautious near-term, he believes any dip will present investors with a strong buying opportunity.

‘If it does lead to the 5%-7% pullback I have wrongfootedly been looking for, any correction is likely to be shallow and short,’ Saut said.

‘Eventually we are going to get a pullback; and we are buyers on that pullback.’

Meanwhile, economist Marc Faber will be watching with interest to see if the 20% correction in the S&P 500 that he predicted last October will eventually come to pass.