Now, I am not saying that inflation will not rear its ugly head at some time in the future, and I am not saying that what Bernanke is doing is not dangerous; I am just showing you what the market looks like today. If you invest way out in front of a cycle that you think is out there, you can miss out on returns like we are seeing right now.

That can be very costly.

As a professional money manager, I have to take investing one day at a time, one stock at a time, one month at a time, one sector at a time, one year at a time and one asset class at a time.

I also have to be very vigilant for the changing market cycles. I have been fully invested since the S&P 500 low of 666 back in March of 2009. That has been the right place to be. I don't know how you have been invested. As I said earlier, you can follow me on Twitter or you can follow my weekly newsletter for any changes in my current stance.

Just as sure as I am sitting here today, there will be another bear market at some point in the future. Is it time to sit this one out and move your 401(k) to cash or more defensive sectors?

Not yet.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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