The Dow burst through 16,000 and the cracked 1,800 for the first time Monday, a sign that stocks are getting pricey but not necessarily signaling a big selloff anytime soon.
"I think we're starting to get to the point where psychology is taking over," said Brad McMillan, chief investment officer for Commonwealth Financial. "You're seeing retail flows move back to equities. You have expectations in the institutions where the market is going to move up toward the end of the year. … Once you get disconnect from the fundamentals, you can drift as high as you want."