In the near term, specifically in 2018, things look good all around the world. Europe and Asia are doing well. Here in the US, we know that unemployment is low and consumer sentiment is quite favorable. North Korea is changing its tune and appears less hostile.
Longer term, in 2 to 5 years, who knows, so I could not venture a guess.
The market is overvalued, and everyone knows it. Shiller has been ringing his alarm bell for a few years now, and people got tired of it. Maybe they are awakening to it now. Bogle said market return should have been lower, and he was laughed at.
What I am getting at is that it is more likely that the P/E contraction that the pundits talk about will finally happen, particularly with the return of higher interest rate and inflation. There is no reason for the market to crash, but plenty for it to be re-valued.
In the days ahead, if I buy more shares, it will be for short-term gain, meaning selling quickly when possible for smaller profits. When I write covered call options, it will be for strike prices closer to the current value. No more expectations for outsize gain. Hello 5% market gain per year.