The recent run-up in the market would make it easy to justify selling any stock these days. Yet, while panic never helps investors, it's still a good idea to play devil's advocate with investments.

Consider Nike (NYSE: NKE). Though demand for the swoosh continues to show strength, you'll find that a few of the 1,705 Motley Fool CAPS members weighing in on the stock offer reasons to be bearish.

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

1. Cautious recovery
Despite recently improved consumer spending that yielded an increase in same-store sales at some stores like Costco (Nasdaq: COST), it hasn't been robust enough for other big chains like Wal-Mart (NYSE: WMT) and outdoor retailer Cabela's (NYSE: CAB) to avoid a drop in their comparable sales. Overall, some experts expect a subdued recovery will be the way out of the recession, with consumers being cautious about their spending. With Nike selling discretionary items, some investors think the new mind-set of consumers could be a drag on the company's growth.

2. No longer a bargain
Nike may have been building some momentum lately, but the roughly 50% price increase in the past year, pushing  shares to all-time highs recently, means the stock isn't sitting in bargain territory. There's still uncertainty about the global economy, and Nike's shares are above pre-recession levels, so some investors could be reconsidering their positions.    

3. Past its prime
Nike's market capitalization is already many times the size of upstart brands like Under Armour (NYSE: UA) or Deckers Outdoor (Nasdaq: DECK). But despite its heft and dominant position in many of its markets, some investors don't see the potential for big growth numbers that could come from investing in a smaller company.    

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

The Motley Fool Stock Advisor service looks for companies with strong management poised to beat the market over the long haul. To see all the stocks that have helped Tom and David Gardner beat the market by 57 points on average, take a free 30-day trial.

Fool contributor Dave Mock has Nike running shoes; oddly, he doesn't feel as good as those pro athletes look when he wears them. He doesn't own shares of companies mentioned here. Costco Wholesale and Wal-Mart Stores are Motley Fool Inside Value recommendations. Under Armour is a Rule Breakers selection. Costco Wholesale is a Stock Advisor pick. Under Armour is a Motley Fool Hidden Gems choice. The Fool owns shares of Costco Wholesale and Under Armour. The Fool's disclosure policy is rolling for million-dollar endorsements, but no luck so far.