A. If you look at the index levels, you will reach the conclusion that stocks are near or at all time highs. However, if you look at valuations, they are just slightly above their historical averages.
For example, in March 2000, 5 companies in the S&P 500 index with the largest market caps had average forward PE ratio around 60. Today that's just around 15. This tells us it's not a top-heavy market today.
With the U.S. economy expansion still underway, and the risk of losing principal if you invest in bonds when rate rises, the best place to be is still in the stocks, at least for the next 2-3 years!