A more cautious overall market view?
1. higher oil and input prices;
2. a debased U.S. currency, lingering budget concerns and political partisanship, which could jeopardize a budgetary compromise (and resolution);
3. screwflation of the middle class and its inevitable impact on economic growth and corporate profits;
4. the specter of structural unemployment;
5. the absence of a recovery in home prices;
6. the fiscal and monetary "stabilizers" are soon to be taken off;
7. vulnerability to consensus 2011 growth projections, corporate margins and profitability