The turmoil in the markets makes it too easy to justify selling any stock these days. Yet, while even warranted, gut-wrenching panic can work against investors, it's still a good idea to play devil's advocate with investments.

Consider classic motorcycle maker Harley-Davidson (NYSE: HOG). Though the company shows promise, you'll find that more than a few of the 1,870 Motley Fool CAPS members weighing in on the company offer reasons to be bearish.

Here at the Motley Fool, we like to consider both the good and bad sides of an investment, so in this article, I'm highlighting three of the main bearish arguments on Harley-Davidson today. Be sure to read the bullish side as well, and then weigh in with your own comments below, or rate Harley-Davidson in CAPS.                                            

1. Falling sales and profits
Falling to its first quarterly loss in 16 years, Harley's sales have tanked thanks to a recession that automakers like General Motors and Ford (NYSE: F) are looking to forget. Shipments to dealers plummeted in 2009 and the company expects even fewer in 2010. Although it's making efforts to regain its footing and shares have made progress a year after a lifeline from Berkshire Hathaway (NYSE: BRK-B), many investors still see too much uncertainty ahead.

2. Great brand, but ...
Despite its iconic brand, investors see a host of other issues that are a drag on Harley's business -- ones that even a top brand can't gloss over. While Toyota (NYSE: TM) works to recover from its recent recall fallout, Harley is working to fix its operations amid a troubling sales environment, but when a loss-making financial services segment is added to the mix, some investors see too much risk and prefer to opt out. 

3. Weak discretionary spending 
With unemployment at high levels and a troubled housing market, Harley expects a challenging road to an uncertain recovery. As retailers like Home Depot (NYSE: HD) still wait for a turnaround, and even Altria (NYSE: MO) struggles to grow sales on recession-resistant items like cigarettes, many investors expect higher-end items like Harley bikes and Winnebago (NYSE: WGO) RVs to be low on consumers' to-buy lists.

To see details of what CAPS members are saying now about Harley-Davidson, just click on over to Motley Fool CAPS and have a look -- or add your own thoughts directly to this story in the comments box below.