After gapping down to SP 1325 or a loss of 18 points the frenzied dip buyers are rejoicing at a chance to buy into a market where the only losers are bears.  We have already surged 9 points from the open, erasing half the losses in some 40 minutes.  Buy the dip has become ingrained because dips only come once every 3 weeks.  And usually they are of the 0.3% variety.  We have become Pavlov dogs and my earlier question about how soon the dip buyers would show up has become rhetorical.

Now we see if we can go green by end of day.

Lots of damage in some individual stocks under the surface however...