Merrill Lynch Note To Clients: "Buy The Dip"

From Bank of Countrywide Lynch's Fred Batoua:

"S&P futures getting hit hard as Middle East turbulence starts to impact crude  price...March WTI contract expires today & seen huge short covering...we have  seen buy the dip mentality in S&P futures, 6pts off lows of 1320...near-term  though feel we are due a pause cautious & could retest 50 dma (1283)...last wk  the FMS highlighted that cash balances back at 3.5%, triggering a "sell" signal that on average is followed by ~6.2% move lower over next 4 wks...but  also worth noting that at 14x '11E EPS the S&P is still below 50 yr ave of  15x...also the doubling since March '09 is below the 62% move higher seen in  the 2yr's following a bear BUY the dip"

At least he didn't say "fucking"