There is a great debate between bulls and bears now. While I am bullish on some things and bearish on others, I confess to be confused about the levitation act of the 500 at PE levels that are where they were in 2007. And earnings out look grounded in 3% GDP, when we are getting barely 2%.  

Doug Kass is one of the most articulate trader bears. This is his one of his latest from this week.