Key Points The S&P 500 is currently hovering near all-time highs, which may have some investors concerned. The index's forward price-to-earnings and CAPE ratios are historically elevated compared to prior norms. Smart investors are stockpiling cash and rotating capital away from speculative or momentum stocks right now. 10 stocks we like better than S&P 500 Index › Last year, the S&P 500 (SNPINDEX: ^GSPC) gained 16% -- marking the third straight year the index generated double-digit returns. Whi ...