Analysts seem to be questioning the market's ability to continue to set new highs

Analysts seem to be questioning the market's ability to continue to set new highs. After all, US equities have been in a bull market basically since 2009. The S&P 500 is already up over 28% for the year - over 35% if you take the last 52-week period. As equity valuations climb into what appears to be overbought territory, a variety of analysts have been making noise about a looming selloff in stocks. Nevertheless, investors don't appear to be worried. The VIX is trading at just over 12, and not far off of its 52-week lows, suggesting the overall investor fear level is at a minimum. I see only two realistic scenarios which could derail the rally over the next couple months - Fed tapering and political deadlock over the budget. In either case, I don't see anything happening in the near future.