These are crazy markets. The great global experiment of quantitative easing and secular stagnation in developed markets (weak demand and overcapacity) has distorted interest rates, and an ageing population has increased demand for higher-yielding securities.
That is not to say markets cannot rally. I believe markets are in the second stage of a bull market, characterised by slowly improving earnings. We are still a long way from the third stage of excess, where taxi drivers want share tips and friends quit their jobs to day-trade.