NEW YORK (TheStreet) -- At midday, all three major indices were essentially flat and TheStreet's Debra Borchardt was with Alan Valdes of DME Securities discussing equities. 

$45 billion went into stock-based mutual funds in October, a number not seen since the dot-com bust in the early 2000s.

But according to Valdes, it's not that surprising considering the S&P 500 is up 24% this year. 

While he admitted that the market was starting to feel "bubbly," Valdes said he wouldn't be concerned until bond fund inflows turn to outflows, and moved into the stock market. 

Borchardt noted that even if the amount of inflows decreased by 50% for November and December, it would still be a record year in terms of stock-based mutual fund inflows. 

Right now, there's nowhere left for investors to go aside from equities, he added.

It's "totally crazy" Valdes went on to say in bewilderment. While he's worried, the market seems likely to continue climbing higher because the Federal Reserve is unlikely to taper until March of 2014. 

But if this is the general consensus -- that the market has to undoubtedly go higher -- it will eventually go lower, he concluded.

-- Written by Bret Kenwell in Petoskey, Mich.

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.

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