2013.03.0905:22:45UTC+00Dow record not necessarily a buy signal

Investors should not go on a buying spree after the Dow’s run to record highs in the stock market this year. Instead, many financial advisers are telling clients to go easy, whether they're just getting back into stocks or seeking to add to equity positions.

Questions over how much higher the market can go have kept caution in play, with some technical indicators suggesting the market is overbought.

"We're telling clients to take a more defensive approach to the market right now," said Frank Fantozzi, chief executive of Planned Financial Services, an independent wealth manager in Cleveland. Fantozzi also said that if he has to choose a category he will be looking for equities. And he thinks that the market will go to post positive gains this year.

On Tuesday, the Dow Jones industrial average broke through levels not seen since 2007 and continued to mark new record highs the rest of the week. The Dow is now up 9.9 percent since December 31.

The broader Standard & Poor's 500 on Friday ended less than 1 percent away from its record close of 1,565.15, which it reached on October 9, 2007. The S&P 500 is up 8.8 percent since the end of 2012.