“Nothing is certain in investing. It is a strong likelihood, but by no means a given, that we’ll see months of sideways price action before a major correction. This situation exemplifies the first of the four tenets of investment success I learned from Sir John Templeton, and have followed throughout my investing career: Think in probabilities; Develop an ‘if, then’ system; Monitor the big picture; Remain highly flexible. The probability of an abrupt shift from today’s risk-tolerance profile to a bear market is relatively low. But a relatively low probability does not mean zero probability. If the charts begin to shift as they did in 2007, you must be flexible enough to quickly reduce your exposure to stocks.”
http://www.moneyandmarkets.com/theres-no-end-in-sight-to-the-bull-market-in-stocks-56635