Most importantly, it appears the European Central Bank, though badly trailing he Fed, is likely to launch a zero interest-rate policy and quantitative easing program to combat dangerously low inflation. I believe the Fed will remain "easy" longer than most expect, as well.
Important also, the fundamental improvements in the U.S. economy, in particular, will continue apace, as I outlined in my "Fortress America" piece a few weeks ago.
Read MoreU.S. poised to become the world's only superpower: Insana
Indeed, on a relative basis, the United States looks increasingly attractive, even now, when compared to everyone's favorite, China, or a host of acronym-laden markets, be they the BRIC countries, or the MINT countries (Mexico, Indonesia, Nigeria and Turkey). Unlike all of these, the U.S. economy is growing slowly, but steadily; the trade, current account and federal budget deficits are all declining and may turn to surplus within just a couple years; the energy revolution is growing stronger while recent statistics show that manufacturing, and employment in that sector, are now showing measurable signs of improvement.
Interest will remain quite low for the foreseeable future while inflation (and I'm not talking about weather-related spikes in agricultural sector), will remain muted.
This week will likely see a virtual parade of bears who will say "I told you so," and that the market is about to crash "for real," as if the collapse in 2008 was a walk in the park. Short-seller, Bill Fleckenstein, kicked it off earlier this week, calling stock prices, "absurd."
Read MoreStocks have become 'absurd': Bill Fleckenstein
We've had two crashes since the year 2000, we are not due another one in the absence of true bubble-like conditions.
This could be the start of a very nasty pullback.
For long-term investors, dollar-cost average into your favorite stocks, or indexes, but keep your emphasis on U.S.-based investments.
For traders, this could be a big short, but not THE big short ... that trade came and went from 2007 to 2009 and from 2000 to 2003.
I have rarely missed a real bubble like the ones we have seen in the past. I don't believe this bull market is ending its five-year run, but I do believe it will pause to take a very deep breath.
It may be time for us to do the same, but all the while remembering that another running of the bulls should start later this year.
— By Ron Insana
Ron Insana is a CNBC and MSNBC contributor and the author of four books on Wall Street. He also delivers a daily podcast, "Insana Insights," and a long-form weekly version, both available on iTunes and at roninsana.com. Follow him on Twitter