Bear Case: Growth slowing, non-existent, credit spreads elevated, Yield curve flattening, liquidity being drained from system (Fed tightening, purchase program wind down)
Bull Case: Stocks have been slammed and some valuations are becoming attractive
The 9 year bull run in stocks needs to be digested. Some back and fill is healthy. Ultimately, the fed taking away the punch bowl from the system so this market can stand on its own two feet would be a good thing in the long run. Lets just hope this deleveraging is beautiful or the smelly stuff can hit the fan. I see S&P 500 prices testing the 2150 level assuming the fed doesn't feel the need to act again. Good luck out there!