The Globe and Mail reports in its Tuesday edition that the latest leg in the eight-year bull run has brought on a renewed rash of warnings over heightened valuations. The Globe's Tim Shufelt writes that the Dow Jones Industrial Average ended Monday's trading with a 12th consecutive record high, matching the longest such streak first set in 1987. Meanwhile, the S&P/TSX composite index, despite a broad sell-off on Friday and a further 70-point drop on Monday, is on its own record run, on track to post a 13th consecutive positive monthly return on Tuesday. The stock market's red-hot streak is "an unprecedented run warranting an equity downgrade," says Canaccord Genuity Group's Martin Roberge. He recommends investors reduce both U.S. and Canadian equity positions to underweight. The recent inflation in trading multiples has also put Gluskin, Sheff + Assoc. economist David Rosenberg on the defensive when it comes to U.S. stocks. Mr. Rosenberg says in a note: "Correction is a certainty. The question is only one of timing and magnitude." Although the main Canadian benchmark did briefly dip into bear-market territory early last year, it has since rallied by more than 30 per cent.