Thoughts

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