Revised low for summer may be higher than the anticipated 1450. More like 1520. This type of volatility is usually seen at bottoms not tops which is why the market made another run up on low volatility to new highs. BUT another run down over the summer/fall then ramp-a-thon into 2014 as no other place to park cash becomes apparent. The bubble in equities will assert itself until the next bubble? I am unsure of the FED's endgame? Besides the FED who else is gonna buy Treasuries until rates go up significantly. In that environment stocks will soar until the bubble pops. Good call BTW