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RE: Down goes the Dow
the bear case:

Stocks are at above average valuations by some measures
the yield curve is flattening
by some measures earnings are falling
we're at almost peak employment
companies are at peak margins
gawd knows what is happening in the emerging markets - nothing good.
dollar up strongly
very weak productivity gains

the bull case
Most economic indicators are positive
low interest rates
low and stable inflation
low energy and commodity prices
Stocks pretty much at average valuations for the last 25 years
Clear lack of euphoria in the stock market

Frankly I'm starting to get worried

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