The S&P 500 rose 0.3 percent on Wednesday to another record high after the Federal Reserve cut its benchmark fed funds rate by 25 basis points to between 1.50 percent and 1.75 percent.
However, some strategists see stocks plunging in the near future.
"The unfolding profits recession will expose the 'growth' impostors and they will collapse, as they are on the wrong 'growth' PE valuations with the wrong EPS projections," said Albert Edwards of Societe Generale.
Peter Cecchini of Cantor Fitzgerald sees a recession brewing in the manufacturing sector and said that while consumer spending has been propped up by loose lending standards, the latter are "slowly beginning to tighten across the board".
John Hussman, an investment manager and former professor, said he expects "the S&P 500 to lose somewhere between 50-65% over the completion of the current market cycle".
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