As investors get more confident about the latest leg of the stock market rally, one Wall Street strategist is growing more concerned.
"This is kind of how bull markets end," Savita Subramanian, equity and quant strategist at Bank of America Merrill Lynch, told CNBC during an interview Tuesday. "What we're in right now is this sort of euphoria around stocks that's been missing for this entire bull market."
Indeed, the run that began in March 2009 often has been declared "the most hated bull market in history," due largely to the lack of investor participation.
However, Subramanian said she feels the tone is shifting. Wall Street pros like her are moving more money to equities, companies are starting to pull back on share repurchases as stocks get more expensive, and investors are demanding more from companies when they report earnings.
"People are starting to buy the dream that stocks can go up," she said. "This is what I worry about. It's not the age of the bull market, cause bull markets don't die of old age. It's just a lot of the things we're looking at look very late-cycle."
One of the main things Subramanian pointed to was investor reaction to quarterly earnings reports.