1) There are very few fundamental indicators that support the rally.
6) With rates already at 0% and the money multiplier below 1, the Fed is powerless to stimulate the economy via the credit markets.
7) Fear that the banks may tighten credit further in response to political attacks and the potential for strict reforms.
8) Uncertainty over whether Obama, Bernanke, Geithner & Co. are the right folks to handle the most difficult economic environment since the Great Depression.