At the same time, the latest economic data have been mixed, including a disappointing report on fourth-quarter GDP released Wednesday.

In a counter-intuitive twist, the weak GDP report could end up boosting stocks in the short term, since many investors believe it will lead to more Fed stimulus, said Krosby.

Wednesday afternoon, the Fed confirmed that it will continue its bond buying program. Still, it remains to be seen how the market will fare once the central bank stops buying bonds.

Meanwhile, after shunning stocks for the past few years, individual investors have started stepping back in.

"People are panicking that they missed the bull market and they're going to get in come hell or high water," said Cote. "But this is not a good time, the party is starting to be over."

Cote said the increased participation by individual investors is "a good thing," since they had been underexposed. But he warned that the market could be headed for a pullback.

"I think this thing comes back to Earth a lot faster than it went up," he said.