When Louise Yamada talks, I tend to listen. We'll be watching closely the next few days as the market back fills and if individual names fail at their 200d and 50d. Will more double tops form and still other head-and-shoulder tops fail as their neckline are tested? Some still feel the market is fairly valued. Some still feel the market has gotten ahead of EPS.........and earnings (expected to be very lackluster) have just begun. Let us not forget "sell in May and go away" fast approaching and as Louise points out, distribution tops can take quite some time to develop and sell. I'm tempted myself to hit the road. Aruba is calling my name. Wall of worry is one thing but low-to-no earnings is another. Only time will tell.
In full disclosure, several members are scalping longs here common in USO, UNG, FB, FEYE, BAC, GILD, V, RHT (and various option plays), having bought on Mondays low but all seem to be expecting failure at one point. If you cannot be nimble, you may want to sit on hands for another week.