The Feds released the minutes of their December meeting 2 days ago. It was more hawkish than expected, with ultra-easy conditions slated to end faster. Markets have reacted negatively to it, but are still very close to all-time highs.
This is going to be a long-term drag on market sentiment. The balance of market forces have changed. With policy now acting against the market, coupled with sky-high valuations, the probability that the red-hot market rally will end is now high than ever.
In my humble opinion, it is best to minimize exposure to stocks which have run up a lot, and also stocks with high gearing ratios. If you have high conviction that a stock will fall, you can also consider shorting it.