1.   Bearish analysts contend that stocks are under pressure largely because of their high valuations as measured by price-to-earnings and other ratios.

2.   But bearish analysts said the sell-off had not gone far enough, since tech stocks were still trading at excessive prices relative to future earnings.

3.   Shulman, like other bearish analysts, suggested that one unpredictable event could easily rattle a market that has already shown a good deal of volatility this year.

4.   That, however, has not satisfied bearish analysts who believe investors are still paying too much for the corporate profits they buy.

5.   And the price has held firmer than some bearish analysts had predicted, giving the aggressive producers little incentive to slash output.

6.   More bearish analysts, however, say the buying is temporary, a so-called bear market rally.

7.   More bearish analysts, however, said the buying is temporary.