It would seem that optimists currently see no reason to abandon their bullishness, with the benchmark S&P 500 index again inking another record close. What's more, the available data appears to justify an acquisitive posture. For example, job openings rose by 372,000 to 7.744 million in October, up from a revised reading of 7.372 million in the prior month. The latest figure also beat analysts' consensus view of 7.48 million.

So far this year, the venerable index has printed 54 all-time highs. In addition to labor market dynamics, the jump in the S&P 500 can be attributed to Federal Reserve rate...