It's not going to get ugly bad; it's not going to get ugly for a long period of time. I think it's going to get ugly swiftly and I think it's going to make a lot of people very nervous. Its been a long time since we had a 5, 6, 7, 8 percent correction. Give it 2 or 3 weeks and a 5 to 6 percent correction and it will be time to buy again.
It's still a bull market and as I've always said, in a bull market there's only three things you can do: be really long, be pleasantly long or be neutral. I think it's time to be neutral.