Ireland is an Excuse

The Ireland sovereign debt problems were with us when the market was at 1220, it didn't just suddenly come out of the blue.  As the market starts selling down, traders grasp at anything to explain the sudden selling.  What really has engineered this selloff is the excessive bullishness and lopsided positioning of the Street.  Those that wanted to get long already have.  So the selloff should be commensurate to the excessive bullishness of traders.  Thus this selloff should last more than just a few days.  I am expecting lower prices from here, and 1130 sounds like a reasonable target, which is the 50% retracement from the August low to the highs last week.