Equity market did exactly what I expected since last week.  I still have the same view as before. This pullback will be different from last few months, and it won't bounce back immediately after two or three days.  It's the start of 5% correction, and it may last two to three weeks.  My downside target for S&P 500 is around 2040, and it will probably get there earlier to mid June.  For slightly deeper correction, it's also possible for S&P 500 to reach 2000-2020 before the correction to be over.

About 100 points pullback means nothing for equity considering how high it went.  It's healthy for the market to have some correction and build the base for more upside. Otherwise it will go nowhere like last few months. So anyone bullish should really be happy to see more downside coming in next few weeks.

Bond prices have big rally with interest rates down following equity's selloff.  Rates has room to go down a little bit more from here. I am still neutral on it, and don't have strong view for the direction after that.