In a matter of weeks we will have some finality out of the EU. That is, they will all adopt some form of austerity, losses will be had on bonds, and stagflation will take over arising from "dole bird" issues to go with forthcoming ECB rate cuts, and continual increases in the value of oil.
Along with European austerity, China PMI are coming in light, and though I believe there's a trade to be had on the development of a Chinese middle class, a period of digestion looms.
All of this, of course, against the backdrop of our own home-grown economic issues like declining confidence in the quality of the market, stagflation, polarizing political ideologies, lasting structural unemployment, and confidence concerns in municipal debt.
Accepting austerity and the condition of stagflation in 2 of the 5 major global economies doesn't seem like a great environment to be bulling up.