I don't agree with David Tepper that we are in a win/win situation because of the Fed, but that does not mean the bulls don't have a case. The following is the bull case as I see it:
As long as the economy and earnings don't completely fall apart share buybacks by corporations, cash M&A and hedge fund re-risking could fuel a rally during the seasonally strong part of the year.
The bears have a case as well as the economy is slowing. Combined with the imbalances, that makes the chances of an accident unusually high. Additionally, now that the market cleared its extreme oversold reading and the extremely negative sentiment there is room for downside even without an accident.