NEW YORK (TheStreet) -- The Dow Jones Industrial Average is up more than 25% this year and closed at an all-time high on Thursday. Here to talk about the market is Nicholas Colas, chief market strategist at ConvergEx. 

Colas suggested that the lack of fear has helped drive equity prices higher in 2013. 

Because the FederalReserve's intention is to push investors to riskier assets, it no longer makes sense for investors to be in bonds or fixed income for the time being, he added. 

Likely aiding more conservative investors in the ride higher is the lack of volatility in the market or any sustained pullbacks. 

However, a pullback will eventually happen, Colas said. Usually, the only thing that ends a bull run is a recession, or the fear of a recession. 

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The only fear now though, seems to be regarding the Fed's eventual tapering of quantitative easing. 

He suggested that Yellen, the assumed chairwoman of the Fed, is aware of the volatility that tapering talks have caused.

Colas concluded when, not if, tapering begins, it'll be done slowly and cautiously by the Fed.

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.