The market hasn't had a correction of more than 11% since October 2011. It is possible that a well-run bond fund will do better this year than the stock market.
Enthusiasm about the U.S. market reminds me of the talk I heard nine months ago in Indonesia and Thailand. Subsequently, those markets fell 35%. While it is too late to buy the U.S., it is too early to buy the emerging markets. They aren't incredibly cheap, except for Vietnam and Iraq, and capital could still flow out.