It’s been a while but we saw the worst action of 2012 that still failed to mark a 1% drop in the SPY. The first dip of 5-8% are usually buyable (not saying we will get that into option expiration week), but it’s the subsequent rebound that will set the tone. Earnings season is basically over and we are heading into a weaker time of the year seasonally, but feels like the bulls are not done until they challenge the 1370 level on the S&P.
