When extreme market levels, whether high or low, are reached, a range of investor sentiments tends to emerge. At this time of recurring new highs for the U.S. stock market, two particular sentiments can be seen. For investors who may not have been “fully” invested in the run-up to new highs, there can be a desire to increase allocations to stocks even if odds of some market reversal may be on the rise. For those who have participated fully in the run-up, there can be an inclination to reduce allocations even if evidence suggests that the uptrend is likely to continue. A review of some market characteristics can provide context for investment activity in the rare altitude of recurring new highs in a long bull market.