A recent article in MarketWatch discusses whether a major stock market correction is on the horizon, noting that “cautious investors and those worried that the good times can’t last forever are bracing for the next major slump for stocks, and ruminating on how it might play out.”

In a CNBC interview, Morgan Stanley analyst Michael Wilson reportedly noted that January’s brief pullback may have been the only correction we’re going to see for a while: “There’s tremendous liquidity, there’s a very good and very understandable story behind the scenes. Meaning, we’ve got a strong economic recovery that’s visible to everyone. The earnings season’s been good so far…and people have bought into it.” That said, Wilson warned that the market is in a “bit of a fragile state” and that the leverage in the system could make pullbacks in the 3% to 5% range more the norm.

Market strategist Keith Lerner at Truist Advisory Services reportedly said that bubble concerns are exaggerated and lack support from the current fourth-quarter earnings results, which his firm expects to be the best since the 2008 financial crisis. “Instead,” he said, we see a stock market that is trading at a premium to historical valuations—partly justified by low rates, a shift in sector composition toward higher-valued growth sectors, supportive monetary and fiscal policy, as well as cheaper access to markets.”

JPMorgan Chase’s co-president David Pinto echoed, “I don’t see a correction anytime soon, unless the situation changes dramatically.”

The article concludes that some “bumpiness” could emerge from the bond market, with the 10-year and 30-year Treasurys “testing recent yield highs and putting some pressure on equities.” In addition, the “so-called reflation trade, where yields rise and investors gravitate to investments that might prosper in better economic times, has provided a number of false dawns for investors so far.”