I'm pretty bullish on the long-term growth of the economy and the markets for many reasons. One is that as the yield curve steepens, I believe banks will have more incentive to lend since loans will be more profitable with a steep curve.
Today, the Federal Reserve released their consumer credit report. Bottom line...the increase in consumer credit blew away expectations to the upside (http://www.cnbc.com/id/100870377). It appears all the liquidity in the market is reaching the "little guys" after all.
Of course, markets don't move in straight lines...rather they are display volatility around the trend line. But I think, long-term, this market's trend line is up.