Something does not add up.
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What doesn’t add up is your distorted viewpoint... buybacks are now nearly non-existant..record profits? and at what p/e ratio? WAY TOO HIGH ... housing , PMI reports , interest rates ... all going against you.. the “everything” bubble is popped and prices will revert to (and likely fall through) fair value in most areas. The idiot companies that did buybacks of stock but failed to pay down their debt/bonds will not live long.
I agree with the comment about not paying down debt albeit you sound like the reincarnation of Joe Granville from the early 80s. He basically said all of the same things as you for five years as he supposedly shorted the market. If he was still alive in 87, he was proved correct for three months.
There is not a thing different with the “market today” then two years ago, except investors are risk averse or risk off now because the psychological advantage of having a pro US president in the oval office is waining. Soon the tax tables will be upped, social spending will rise farther and anyone in actual business or working in private sector will become a slave to the state and the lay abouts this time with no potential for change. It just gets worse from here and that is why the market is weakening. Were there an alternate area to run to, real estate (already topped out), fixed income, commodities, or foreign markets, the rout would be steeper. Lastly anyone closely following individual stocks verses the indexes would note that a good number of issues outside of tech were already trading a good deal off their tops for some time. In any event, it is a strange market in that it ran for a long time but one thing is always certain, eventually they retreat which is what they are doing now. Personally I parked most of my money in CDs the rest I am in a few issues in which I am getting destroyed. Worse case, I end up even next year. This year is a write off.