A couple of items to bring to your attention.
First, Barry Ritholtz had a post from MACRO MAN--it was so clever, I visited MM's blog. You will want to as well. You can find it here: http://macro-man.blogspot.com/
Second, Financial Sense Online had an Market Wrap by Brian Pretti called "Stool Pigeons" regarding some interesting trends with respect to previous support of equity prices and how that has eroded. You can find it here: http://www.financialsense.com/Market/pretti/2008/0829.html