With the Sell in May mantra seems to be in shambles, and investors have proven for a seventh consecutive month that no dip is too shallow to purchase, the debate du jour has switched to "Now what?"

More specifically, what awaits us on the other side of the mountain following an uninterrupted 23% rally in stocks since mid-November?

"When we do get that eventual decline, and it will come, it will most likely be a pullback rather than a correction or a new bear market," says Sam Stovall, chief equity strategist at S&P Capital IQ, in the attached video.

For clarity's sake he characterizes a pullback as a 5% to 9.9% decline, a correction as a 10% to 19.9% retreat, and a bear market as anything worse than 20%.

"I think what investors forget is that we have had a pullback basically every year since World War II and we've had a correction once every less-than-three years, on average," Stovall says. "So to have a decline of five to twenty percent is really not a strange thing."

That said, as the chart below shows, the probability of a crash is actually lower, the larger the preceding run-up has been, which in the current case is about 23% and counting.

Zynga's (ZNGA) all-in bet on legalized online gaming just might pay off after all.

As discussed on Breakout last month, the former kings of Farmville are hoarding the more than $1.5 billion in cash in hopes of surviving long enough to get a seat at the table of the huge potential market for online gambling in the U.S. With UltimatePoker.com up and running in Nevada and similar sites on the way in New Jersey, Zynga's move may not be as much of a long-shot as it once seemed.

The U.S. gambling market is estimated to be $380 billion, of which only $3 billion is legalized. The government is going to figure out a way to tax the rest. The question is whether or not Zynga will capture its share as gaming is slowly legalized.

Jon Najarian, co-founder of OptionMonster.com, says Zynga's track record and management gives it an edge. "Anybody that can get people to buy virtual farm animals can probably get a piece of that $380 billion," he says, adding "I like Zynga's chances."

Maybe. So far Zynga got aced out of online poker in Nevada and has put up a poker site in the UK that's virtually indistinguishable from dozens of others. As Najarian concedes, the company has to step up its game to distinguish itself from other table gaming and sports books that will be online as more states follow New Jersey and Nevada.