Wall Street indexes are at record highs, but so are better-than expected corporate earnings driven by monetary stimulus and evidence of improvments in housing, said Ron D'Vari of NewOak.

While there is yet no clear case for economic acceleration that can be made, the economy ahead is less subject to derailment from its slow recovery than any time in the last five years.

"Another reason for a lower probability of market crash is there is still plenty of investors with cash waiting in the wings for a potential dip to add to their equity exposures," D'Vari explained.

He added, "It is hard to short U.S. consumer and housing sectors. Barring another global crisis many expect U.S. economy and hence the markets to do generally well. While risks remain high in both the equities and debt markets, we recommend overweighting normal exposures to the equity markets and underweighting fixed income allocations or at least keeping the duration short."