Bears Taking Over?

This has certainly been a pretty stressful long weekend for all investors. High gas prices at the pump stressed holiday goers and Warren Buffett's surprisingly pessimistic comments stressed those still following business news. I certainly am still wondering where he got his data from. The Dow was battered down 3.91% just last week alone, totally breaking the intermediate up trend that was in place since March. Is this the "Sell in May and go away" syndrome of the market? It certainly was last year. At this point of time, all my technical indicators have turned decidedly negative with immediate support level at about 12200, failing which, a visit to the Jan lows seemed inevitable. This is also going to be a heavy weight week as well with the GDP number coming in on Thursday (see economic calendar).