So basically the argument seems to be that it's priced in.
Just in the past week, we've learned that Apple, Samsung, Macy's, and like every single air line has missed or cut guidance before earnings even come out. And we've rallied everyday since the day after post-Apple bloodbath? This is just the beginning and I do expect companies to start missing in the upcoming earnings season. Maybe for some, it won't be a big miss, but since everyone guided down last quarter it'll look extra bad that companies can't even beat rock-bottom guidance.
The Fed is projecting 2.3% GDP growth this year and 2.6% for the next quarter (down from 3.3.% in the last quarter) and stocks are only now 10% off their highs. This is 20% or more bona fide bear market projections and we've gotten an entire years worth of gains in like 10 trading days.