Does market look ahead?

There are many people arguing that the market is not expensive, given zero interest rate and resurgence of profits. However, if market always looks ahead 6 months, then we have to see what is going to happen in 6 months. By the second half of next year, Fed will stop QE (mortgage rates will go up), health care legislation probably passed, tax cut will soon expire. Still unclear are interst rate, inflation or deflation, oil price and global expansion. In this context, I am cautious. The market may run a bit higher by the end of year due to seasonality but I will not chase it.