Just thinking, what if MM's are using this dip to create another bull run, by pulling out earlier than some would expect, and start another run for over 1600? As I posted before, the sell in may doesn't really happen all the time in may, sometimes June, or not all all. May 2010 was textbook "sell in May". What also be different this year than some is the way the Feds are backing this rally. Disclosure: HVI position. By the way, elchipo, you could be right about HND for the longer run this year, but I'm only looking shorter term. I'll give it another week or 2, unless the CFTC tells me different.