This is a performance chart for the first half of the year for major assets. Gold is outperforming stocks. After the 2009 stock market performance you may want to think twice about a bull market rally occurring in the second half of the year versus the risk.
The primary short-term reason for investors to avoid stocks are the technical support levels which may be broken soon.
The primary near-term reason for investors to avoid stocks is because fundamentals are overshadowed by government policies around the world. Cash flow, earnings, and growth wilts in this environment unless or until issues are resolved.
The primary long-term reason for investors to avoid stocks is the continuation of global de-leveraging which will last for years.
For traders and speculators, come on in, the waters are fine. (Click to enlarge)