Peter Boockvar, chief market analyst of the Lindsey Group, agrees with the market consensus that the Federal Reserve will begin raising interest rates around mid-year, and that's not good news for the stock market, he says.

"I believe that the end of Fed QE (which cannot be replaced by ECB QE in its influence) and growing possibility of a June rate hike, at the same time earnings growth is slowing, dramatically raises the risk of a stock market correction," he writes in a commentary obtained by CNBC.

"After six years into a bull market where valuations are very stretched, investors should be watching their back and not swinging for any fences anymore."

The S&P 500 had a trailing price-earnings ratio of 19.79 as of Jan. 30, up from 17.29 a year earlier, according to Birinyi Associates. The index hasn't experienced a 10 percent correction since October 2011, though it nearly made it this past October.

For the long term, Dominic Rossi, chief investment officer for equities at Fidelity Worldwide Investment, says strong dividend growth should continue to propel the S&P 500 index higher, possibly to 3,000 before 2020.

Dividend-per-share growth in the 12 months through the third quarter registered 11.3 percent. So "it is little wonder the U.S. equity market has been one of the most rewarding asset classes in recent years," Rossi writes in the Financial Times.

"Is this set to continue? We think so. We can find no other asset class that offers this level of income growth in dollar terms. Emerging markets offer little dividend growth in US dollar terms. Currency headwinds and falling returns on equity are the obstacles," he explains.

"Dividend-per-share growth for the S&P 500 is likely to stay at double-digit levels."

The fact that S&P 500 dividends are highly diversified by sector is supportive, Rossi says.
More than 400 stocks in the index pay a dividend.

Based on Fidelity's dividend estimates, if you assume the S&P 500 dividend yield stays on its 10-year median of 2 percent, the S&P 500 could reach 2,400 by 2016, and "3,000 is within reach before the decade is out," Rossi says.

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