Risks

"The three biggest risks to the market, in my most humble view? A sustained rally in the greenback, sharply lower commodities and a breach of BKX 75"

I picked up the above comments from this Minyanville article.

Well guess what...BKX fell below the 75 level today! While that's not a recipe for disaster, it does raise caution flags. In addition, I am seeing many more news stories dedicated to

• Crude oil: Iran's storing crude in tankers, gas consumption reducing in face of rising prices, Asian countries passing on fuel price increases to the people, etc.
• $$: Pension funds are bullish on the $. A lot of hedge funds are apparently still short the dollar. Now just imagine how that trade would unwind further pressuring commodity prices.
  
• Banking stocks: We are fast approaching another wave of bank balance sheet issues. When that shit really hits the fan is not known but XLF is also challenging march lows, so it makes sense to be cautious. It's very important to remember that a liquidity crisis can cause tremendous short term price volatility (declines) as in early March.
  

Well, Apple is soon to release the 3G iPhone, so that's a near term +ve. The stimulus checks should have started kicking in to abet consumer spending. But what happens when all this dries up?