"Next year will probably not be as good. Then you're probably getting into the last stages of the cycle."
A recent poll by Reuters showed stocks will build on the recent recovery from a selloff earlier this month to rack up an over-8-percent gain for the year, led by corporate profits and a robust economic expansion.
But concerns about an overheating economy that could force the Fed to increase its path of interest rate hikes could derail the bull market. Data in January on climbing wages sparked a quick rise in yields on the 10-year U.S. Treasury note towards 3 percent and pushed the S&P 500 down more than 10 percent in a 9-day span.
"If your economy can’t handle that growth that quickly, then we run into shortages and then we have a business cycle on our hands," said Jack Ablin, chief investment officer at Cresset Wealth in Chicago.
The possibility of a global trade war in light of recent tariffs announced by the Trump administration are also cause for concern.
"Obviously anything trade talk, political event risk, certainly could create problems but right now there is certainly a valid concern out there that ripping up NAFTA would create a whole litany of uncertainties," said Ablin.
On Thursday, President Donald Trump pressed ahead with the imposition of 25 percent tariffs on steel imports and 10 percent for aluminum but exempted Canada and Mexico, backtracking from earlier pledges of tariffs on all countries.
Recent data has helped ease the concerns about overheating, however, and make it likely this bull still has room to run.
"The trend of higher wages is probably more in line with what is actually happening, it is just more of a steadier pace higher," said Matt Forester, Chief Investment Officer of BNY Mellon's Lockwood Advisors in King of Prussia, Pennsylvania.
"We probably got a little overexcited about what wages were going to do and the market got a little ahead of itself building that in."