the Fed has fed the market. As an "investor", it behooves you to take advantage of this once in a lifetime opportunity. You don't have to go crazy and invest every dollar you have but get your feet wet and put a little into some blue chips. If it turns on you, you won't lose much. Meantime at least, you can collect a dividend.
Ask yourself; why is the DJIA going higher? MCD trading at 19 times earnings, IBM at 14 times earnings?
Because these stocks pay dividends which are greater than what you can get in the bond market. Also, it is a safe have for international investors. Would you rather invest in Europe?
Yes, this market is trading above normal valuations. But, it can stay this way for a long time. Do not fight the fed. The trend is your friend.