Another article from golden-eagle
"...At this moment, from our perspective standing before the Labor Day holiday that straddles the unofficial demarcation point between summer and autumn in the United States, it sure appears that 2001 will prove to be a dangerous and challenging autumn for equity market participants. Several negative factors are swiftly converging to create an environment where it is highly probable that much more stock will be sold than will be bought, pushing all the major US markets lower.
Valuations remain extreme, investor expectations of a rosy year-end are unlikely to be met, the circumstances of the US consumer/investor are deteriorating rapidly, and the usual negative autumn psychology will begin to kick in right after Labor Day. These powerful forces will run head-long into the beginning of the third quarter earnings warning season in mid-September which is also shaping up to be ugly. The resulting market turmoil will not be good news for the equity perma-bulls.
With all these decidedly negative influences on the US equity markets converging, we believe the next couple months will be highly volatile and dangerous, with a high probability of the bear market in all major US equity indices continuing. We will probably witness occasional sharp and spectacular bear market rallies to punctuate the fall, but the overall trend looks dismal. We fully suspect that, just like this summer, the players making the big money in equities in the next couple months will be the ones selling short or betting on further market declines through put options..."