For equity-derivatives strategists at Bank of America, the forces lifting the market higher are powerful enough to potentially make stocks vastly overpriced.

The concern shared by Bank of America is that these gains could prompt investors to dust off a playbook that worked after the 2008 financial crisis: buying price dips and betting that weaknesses will be short-lived.

Quant investors who are insensitive to price and willing to add more risk to their portfolios then join the buying, creating a marketwide fear of missing out that fuels the market higher.

Investors who are skeptical that this time is different may need to capitulate and buy a market that just keeps flying higher.

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