This Selloff

Longer than expected selloff the past few days.  It doesn't mean much in the short term, but it does have negative intermediate term implications.  Intermediate term being 1-2 months out.  The market needed to cool off after going up in a straight line from the bottom on March 16.  But markets usually don't go straight up and then straight down.  There should be some more trading in the 1300-1330 range as earnings come in before we make the next big move, which I believe to be down. 

This week looks to be profit taking based on lower oil and commodities and in front of earnings where many think the bar is set high and will be hard to jump over.