Found via Market Folly.
On the first day of winter, lulled by the security of the European Central Bank’s Long Term Refinancing Option (LTRO), the bears went into hibernation. They stirred on the first day of spring and then, just one day into the second quarter, they woke up in earnest and the market’s relentless rise came to an abrupt end. April marked the beginning of a decline that continued steadily for the next two months. With many possible trouble spots coming back into view, the market can’t seem to focus on more than one crisis at a time. Once again, Europe’s woes took center stage.