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 luxury brand Coach (NYSE: COH). Though consumers continue to show an affinity for high-end items, you'll find that a few of the 2,112 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, so I'm highlighting three of the main bearish arguments on Coach today. Be sure to read the bullish side as well, and then weigh in with your own comments below, or rate Coach in CAPS.                                              

1. Short spending spree
Although retailers Macy's (NYSE: M), Saks (NYSE: SKS), and teen-favorite Aeropostale (NYSE: ARO) have enjoyed a recent pick-up in sales comparables, the comparisons are up against weak year-ago numbers, and some investors doubt the trend will be able to keep up its pace. Dismal unemployment numbers and the resulting change in consumer habits leave some investors thinking there's a much tougher environment ahead for Coach.

2. The high price of luxury
Luxury goods makers like Coach and Tiffany continually put effort into trying to protect their trademarks and affluent image, like Coach's recent lawsuit filed against Sears Holdings' (Nasdaq: SHLD) Kmart, and Tiffany's ongoing battle with eBay (Nasdaq: EBAY). But regardless of the legal outcomes, some investors still make the case that companies that play to the needs of price-conscious consumers still have the upper hand against luxury goods sellers.

3. Getting ahead of itself
Similar to many other retail stocks like high-end partner Nordstrom (NYSE: JWN), Coach shares have marked big gains in the past year, and the investor optimism that's pushed Coach's earnings multiple higher has recently prompted Goldman Sachs to show pause on the stock. Many CAPS members agree that the still uncertain economy leaves a lot of risk in the luxury goods sector, and the current environment doesn't justify the price of Coach's shares.

To see details of what CAPS members are saying now about Coach, 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.

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 59 points on average, take a free 30-day trial.

Fool contributor Dave Mock doesn't really need any reasons to stick with discount retail these days, he's just cheap. He owns no shares of companies mentioned here. Coach and eBay are Stock Advisor picks. Motley Fool Options has recommended a bull call spread position on eBay. The Fool's disclosure policy once had a budding career in fashion that ended badly on the catwalk.