Relief rally extending up to 908 on the S&P 908 is probable.
But remember this the FED WILL tank this market in the summer. Why? The summer is home buying season. Fed will continue to buy treasuries to keep mortgage interests down and declining yields on the 10 year is bearish for the markets.
I'm sitting out FAZ for the rest of the day.
Will take another shot at it tomorrow. It doesn't look like my bottom call on FAZ is going to hold.