Bull or Bear?

The jobless claims number came in weak again and that plunged the futures.  There are obvious signs that the economy is slowing, and the market sentiment has reflected that.  The tricky part is determining whether the economy and sentiment will get worse or better.  In August, there usually isn't a sentiment extreme, but traders are worried about another plunge in the fall. 

I don't agree with the 2008 analogies to the current environment.  The stock market is much less leveraged and stocks are in stronger hands.  So I don't see a crash coming.  About the most I see this market going down is to the July lows, and that is only with a confirmed double dip.  At that point, I am sure the fear will be palpable and it would be a great buying opportunity.  More likely, we don't get a double dip recession and just maintain low growth, the market should grind higher and eventually reach 1200.  Thus, shorting this market should only be done at overbought extremes.