I think it is a mistake to extrapolate from the past two Summers and predict that we will see the same type of decline again this Summer. Hedge funds as a group went completely "risk off" the past two Summers and by doing so ruined their years. It is difficult for me to imagine them repeating the same behavior that cost them dearly.
I believe there is something to seasonality and that it is not a coincidence that the Winter months have been stronger than the Summer months. This has been going on for decades. While I am not expecting the type of weakness we saw the past two Summers I believe we will see heavy bouts of negativity from time to time. Whereas it was necessary to pounce on any decline for the first few months of this year I believe it will be important to practice patience this Summer. There should be plenty of oversold readings and I don't plan on chasing moves.