Editor's note: This column is the first in a two-part series. Part two will publish Tuesday and detail the market's bullish signs.
ROCKVILLE, Md. (MarketWatch) -- As U.S. stocks hover at record highs, many investors rightly wonder if the rally will last.
Unfortunately, it may not.
Don't take my word for it. Check out these 10 negative headlines and economic data points that could trigger a 5% to 10% downturn over the next several months.
Feel free to share your own observations below. And for balance, check back Tuesday for 10 reasons the market could move even higher.
And join me online at 2 p.m. Eastern on Tuesday, March 19 for a live Twitter debate on the topic. Submit your comments on either the bull or the bear case to me at @JeffReevesIP and use the hashtag #bullorbear in your tweets.
1. Overextended buyers
As investors recently saw with Apple , a shortage of buyers means a shortage of upside. The broader market shows similar strain.
A great report (and chart) from Chris Kimble in early March indicated that cash in investor accounts were approaching the barest levels ever. Not only does this suggest a scarcity of buyers, it is ominous because low cash levels preceded both the 2000 and 2008 market collapse -- and the 2011 mid-year contraction.