Nothing is invincible, but JPMorgan doesn't see too much right now that could derail the stock market rally.
And, it's trying to convey that to a growing number of skeptic clients.
Stephen Parker, head of thematic equity solutions at the firm's private bank, argues there are hardly any signs of investor euphoria right now — a critical element of a bull market on its last legs.
"This is really a fundamental story. We're seeing a market that's being driven by growth, by earnings and by improving expectations," Parker said recently on CNBC's "Futures Now."
But a new wave of stock market highs appears to be breeding fresh bearishness among investors. Parker said nearly every client conversation lately has been beginning with a "laundry list of things that can go wrong."
"We'd be a lot more nervous if this was taking the form of expanded market multiples showing some signs of froth. But to us, this is a growth story, and we're seeing the best synchronized global growth since the crisis," he added.
Parker has been firmly in the bull camp. During a September appearance on CNBC "Futures Now,"he predicted stocks would keep grinding higher. As of Wednesday, the S&P 500 is up 4 percent since then.
And, he views any sell-offs over at least the next 12 months as key buying opportunities, and not a sign that a recession is on the horizon.
"Stay invested and buy any pullbacks," Parker said.