Retail has already tanked, we (mainstream media) just don't know it yet. Just look at signs. Not even factoring oil, it was due for a correction. Just look at the bad retail news. The FED bought the holidays.
I have been buying June puts for the past month and the POS would not stop going up. POMO juice and other parts of retail just would not pull back. Until oil spike of course. Now the chink in the armor is exposed, what next is anyone's guess in this market. IMO retail should have corrected already and for this to have held over 48 with the selling pressure is kinda troubling IMO. Perhaps the data tomorrow will finally chop it down.