My Biggest Worry About This Current Market

NEW YORK (TheStreet) -- My biggest worry about this current market is there is nothing to worry about. The bears have all but gone into hibernation and even the perma-bears have seemingly defrosted.

Last year we had plenty to worry about in Europe. If it was not Greece, it was Italy. If it was not Italy, it was Spain. The word "drachma" even started to come back into our vocabulary.

Those 29% bond yields in Greece are now hovering around 10%, and speculators in sovereign debt continue to be rewarded. Soaring Spanish interest rates are now under 5% and the equities markets in Europe are breaking loose.

Once we finally got over the sovereign debt crisis in 2012 we had to face a long, drawn-out election process. There was enough uncertainty to go around to last right up until the fiscal cliff.

The fiscal cliff fears finally went away about the same time the ball dropped in Times Square. We are off to a good start so far in January and you know how that goes -- as January goes, so goes the market. We'll see...

The S&P 500 finally broke out last week after a brief struggle with 1,470.

The Dow Jones Industrial Average fought 13,660 and the Dow won.

Even long-slumbering emerging markets are emerging once again.

I brought your attention to Fomento Econ (FMX) in an article I wrote here for TheStreet.com in late October.

The stock continues to do fine, thank you!

I remain long the stock in many of the accounts that I manage.

The best asset allocation right now is stocks, stocks and more stocks.