Rising interest rates also concern Robert Johnson, president and CEO of The American College of Financial Services and co-author of "Invest With the Fed" with Gerald R. Jensen of Creighton University and Luis Garcia-Feijoo of Florida Atlantic University. They found stocks often disappoint when rates are rising.
"From 1966 through 2013, the S&P 500 returned 15.2 percent when rates were falling and only 5.9 percent when rates were rising," Johnson says. "Bottom line, stock investors should expect lower returns as rates rise over the next few months and years."
That doesn't mean stocks will fall if rates keep going up, just that they won't rise as much, he says.
Siegel warned on Monday that the next 1,000 Dow points are going to be harder to come by than the last 1,000. "The bullish trends are still in place, definitely." But he added, "We are at a rich multiple on earnings. So we got to have those earnings come in, I think, for it to move for the next 1,000." He is not the only prominent business figure saying stocks are expensive. On Tuesday, so did Bill Gates.
And the just-released CNBC Fed Survey found that the market is way too optimistic and "running ahead of reality" when it comes to Trump policy.
Wren sees too much uncertainty between the real economy and Trump promises to keep betting on policy that doesn't even exist yet. The U.S. economy should grow in 2017, according to Wren, causing inflation to rise to normal levels after years below normal. Most experts say 2 percent annual inflation is desirable. But Trump's vow to be tough on trading partners China and Mexico could dampen the economy if the result is trade restriction and retaliation from those countries, the Wells Fargo strategist argues.