China

One of the things that could put a real dent in the bullish stock case around the world, is some type of trouble in a developing mkt. Recall the Russian bond defaults that led to the collapse of LTCM in the 90's. The Chinese stock market is up over 100% in the last year. Of late, it has shown some signs of trouble. You can get a sense for the mkt there by watching FXI, which is an ETF for Chinese stocks traded here in the U.S. Would recommend having that on your trading radar screen.