While stocks are not in bubble territory, according to a recent article in The Wall Street Journal, “there are increasing signs of euphoria, and it is plausible that a true blowout end to the bull market could be on the way soon.”

The article discusses current conditions and trends, and offers four options that investors can consider in attempting to time an exit from a “frothy” market:

• Get out early—”As the bubble builds, sell into strength. You will feel increasingly stupid while the bubble builds, so only do this if you can resist the fear of missing out.”
• Get out late—”Buy into the bubble, but be ready to sell quick after it pops.”
• Stay in, stay cautious—”Buy high quality companies less affected by tech enthusiasm, or cheap value stocks shunned by those chasing growth, perhaps with a bit of tech to share in bubble gains.”
• Look elsewhere—The article mentions GMO’s Jeremy Grantham and his enthusiasm regarding emerging markets, which are “cheaper.”

“If a bubble develops,” the article concludes, “pick a strategy and don’t get greedy; always think of what will be left after it bursts.”