Great analysis. I'm monitoring the markets way more closely than I normally do, I'm still highly invested in U.S. equities. I have added some All World Ex US (VEU) funds and a gold commodity ETF as a hedge, but the majority of my investments are still in U.S. stocks.

Given that we blew through any inflation concerns, I think the biggest thing to watch is the corporate bond yield gap. As long as that stays narrow relative to treasuries, investors are still clearly confident in the corporate debt markets (and corporate trajectories). If that starts to widen, I may start to try to diversify out.