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 healthy foods retailer Whole Foods Market (Nasdaq: WFMI). Though premium foods are drawing increasing demand, you'll find that a few of the 4,173 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 the bad sides of an investment, so in this article, I'm highlighting three of the main bearish arguments about Whole Foods Market. Be sure to read the bullish side as well, and then weigh in with your own comments below or rate Whole Foods Market in CAPS.                                             

1. Too soon for recovery
Although Whole Foods' recent earnings release included a rosy outlook for this year, outlooks coming from several of Whole Foods' competitors have raised questions about a recovery for food retailers. SUPERVALU (NYSE: SVU) gave weak full-year profit guidance, citing weak consumer spending. And Kroger (NYSE: KR) and Safeway (NYSE: SWY) also recently said that their annual earnings could miss analysts' expectations. Some investors still see Whole Foods' fate tied strongly to the foods sector overall.

2. Organic competition
Whole Foods has been fending off competition in recent year as numerous other companies have invaded its organic turf. Wal-Mart (NYSE: WMT), SUPERVALU, and other stores have stepped up their organic offerings, and North Carolina-based Fresh Market recently filed for an IPO and expects to add to its fast-growing chain. Some CAPS members see added competition as a big concern for Whole Foods.

3. Coupon shoppers
SUPERVALU management recently said it saw a big jump in coupon use last year and a continuing weak consumer environment. And consumers have been flocking to discount store Family Dollar Stores (NYSE: FDO), too, which recently posted strong quarterly results. Even snacks-and-cereal maker Kellogg (NYSE: K) noted a trend of products selling at dollar and club stores faster than in grocery channels. So many investors still envision penny-pinching consumers avoiding Whole Foods' premium prices.

To see details about what CAPS members are saying now about Whole Foods Market, 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.

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Fool contributor Dave Mock would like to eat healthier, but the siren call of ice cream is just too strong. He doesn't own shares of companies mentioned here. Wal-Mart is an Inside Value choice. Whole Foods Market is a Stock Advisor recommendation. The Fool's disclosure policy still ranks push-ups as the worst punishment that can be doled out.