With the stock market hitting five-year highs and approaching record peaks, many market participants are jumping on the bullish band wagon.

But not Keith Springer, president of Springer Financial Advisory in Sacramento, Calif.

"We're screwed long term," he tells CNBC.

Editor's Note: The ‘Unthinkable’ Could Happen — Wall Street Journal. Prepare for Meltdown

"But what's funny is this has been the trend for the last 20 years. We have a crisis, build a bubble to get out of it for five years, the market makes a slight new high and then we crash." He was referring to the market downturns of 2000 to 2003 and 2007 to 2009.

On Friday, the Standard & Poor’s 500 Index ended at 1,502.96, its first close above the key psychological level of 1,500 since December 2007.

One development that would halt the party is an end of the Federal Reserve’s massive easing program, Springer says.

When that happens, "you'd want to be out of stocks,” he advises.

“That's a bunch of baloney when they say [the end of easing] can happen gradually. As soon as they announce they're not going to keep printing money, that's going to be the end."

Some others think the market is ripe for a correction too, at least in the short term.

“There’s a point in time where the market has gone up for so long, so much, that it’s got to take some period of time to consolidate those gains before it goes again,” Tom Wirth, senior investment officer for Chemung Canal Trust, tells Bloomberg.

Editor's Note: The ‘Unthinkable’ Could Happen — Wall Street Journal. Prepare for Meltdown