We are breaking through some important technical levels.
What concerns me is china, its the second largest economy in the world. The fact that they are slowing and the chinese are making futile attempts at pumping money into their financial system to hold up their market to no avail, is troubling. Also, you cant believe a word the chinese say, we may never really know just how weak their economy is really getting.
Europe is stagnat, now china. Although the US economy is ok ( for now) its only a matter of time before US companies start feeling the effects of a global slow down.
My biggest concern: the fed has no bullets, rates are already near zero. If we take some sort of economic hit, there are no more weapons the fed can use. Had the fed raised rates a year earlier, we might have a cushion. I am sitting on my hands and if we get another big drop, i will start putting some money to work ( a little at a time on big down days) just to buy some S&P funds.