The rally that began March 17 is over and the market has entered a correctional phase. However, the market has dropped very far very quickly and a short-term bounce may be in store, perhaps into the 20-day moving average area. Weakness in major financial stocks lead us to believe that the credit market woes are not entirely behind us. We expect continued downside in the S&P to the 1325-1332 level over the next few weeks or so, before a potential summer rally.