Greenspan called it irrational exuberance- a time when the market goes up without supporting fundamentals. Anybody who is not familiar with the Dutch tulip mania would be wise to learn about it, and see what can happen in a market when things go up very quickly with out fundamental reasons.
Today's market reaction should be a concern to anybody with an IRA or other monies in stocks. Warren Buffett says sell when people are greedy and buy when they are fearful. This record high in the market comes on the heels of very slow growth since the Great Recession, the recovery which has been known for the weakest recovery post recession in our history, and not a single year of BO's presidency with 3% growth.
I am long only gold and gold related stocks, and have been that way for almost 3 years. I have held many of my gold positions since 2001 after 9-11.
Be careful. Remember that a market will go down much faster than it will go up.