Goldman Sachs' chief equity strategist thinks there's potential that the U.S. could enter a bear market. Judging by CNN Money's Fear and Greed index -- not to mention the yields on Treasury bonds -- investors are very nervous about what will happen in the Eurozone, China, and in our own labor market over the next 12 months.

Are we at risk of falling into bear territory? Earlier in June, I asked that question of Eddy Elfenbein, who writes about stocks at Crossing Wall Street and was named by CNNMoney as "the best buy-and-hold blogger" on the Web.

Watch our conversation here (run time: 6:42), or read the transcript below: managing editor Brian Richards holds no position in any company mentioned. The Motley Fool owns shares of Johnson & Johnson. Motley Fool newsletter services have recommended buying shares of Johnson & Johnson and Goldman Sachs. Motley Fool newsletter services have recommended creating a diagonal call position in Johnson & Johnson. The Motley Fool has a disclosure policy.