Keep buying stocks for the long-term despite high money market yields

for investors, but only for short-term money.

"Sentiment based on our sell side indicator suggests that this and other reasons to worry about stocks are well aired, and argue for a positive surprise - especially vs. last year's bullish complacency," she said. According to the note, investors' long-term holding period for stocks has fallen over time due to fixations on short-term price moves. For example, zero-day S&P 500 options now account for 45% of options volume versus less than 5% a decade ago.

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