Yes, the bull market is starting to reverse, because European production is not meeting the predicted levels. This should have been anticipated, but the market is full of fools. There is going to be a much-needed course correction, and hopefully value will be more accurately assigned. The only way Europe can compete successfully is if the EU breaks up. A bear market should help that along.
I believe the bull market is reversing, but not because of Europe. It is a complete worldwide situation. It probably lies more with Middle East situations than European situations. No matter what, there will be bear and bull markets and we cannot lay the situation on any one area or any one situation.
I think the reverse of the bull market is due to war, disease, and uncertainty in the future. I do not think that one country will be to blame, but rather several countries. There will always be uncertainty, but with the current situation of deadly diseases spreading, and the uncertainty of going to war, or being attacked, I think that will cause the biggest reverse.
Between unrest in the Middle East, Ebola virus disease in Africa, continued economic malaise in Japan, protests in Hong Kong, and rising income inequality in the United States, there are plenty of reasons for the broader market to be skittish. Europe might be one reason that investors are concerned, but singling out Europe as the scapegoat for an incipient bear market is a gross oversimplification.