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To: mishedlo who wrote (81078)	9/10/2003 5:50:35 PM
From: Shack	Read Replies (2) \| Respond to of 209892

I take it from your post that you think the top is in?-g/ng

To: mishedlo who wrote (81078)	9/10/2003 6:22:36 PM
From: The Freep	Respond to of 209892

Mish -- the "overnight one last pop" phenomenon MIGHT explain things... but since we all spend our time mostly charting the indices and not the futures, I don't know that it works. Also, I wouldn't call it a hound, per se, as nothing "failed" at that top. If there is failure, it'll be with the S+P failing to hold the uptrend line (or the naz or... or...). Still, for now... maybe that spike high was just in the futures. A few comments, though in general I'm in agreement with your later post (quick hits onthe short side for now). That said... XMSR giving back gains? Well, sure. But it's still just one day removed from an ATH. Call buying increasing? Ya. But today had a huge number of puts, too (including a half hour gain of 110K. Was there a big batch of QQQ puts again?). TRIN and TRINQ both high today. High enough for a rally? Again, you're right... it's been a long time since we've seeen 'em high, so who knows what'll happen. And again, the Sept 11 factor might be real or imagined. I think, though, that the market has to prove it really wants downside after all this time. It hasn't yet done so, though it does seem to be hinting that it might. the freep

To: mishedlo who wrote (81078)	9/10/2003 9:32:42 PM
From: Susan G	Read Replies (1) \| Respond to of 209892

Had to pop in here because I was just speaking with a friend about the same thing...and had just done a detailed chart to show them what occurred. That's exactly what happened, the SP futures breakout failed and reversed -- at 3 am in the morning(g) Just to catch us all off guard, as so many were waiting for 1040 to go short! But you could tell at the close we were in nosebleed territory... I watched it live, as I was long and very nervous, (I prefer short!) as the move was so overdone. I'd been working with a old time futs trader who had 1034-40 max as their target and I wanted to be around to see the test so I was up and watching. There were so many shorts trapped at the close that it had barely dipped after hours, and I had a feeling the Europe open would be interesting, as they often get too frothy and print the night's high as they open. I tightened my stop and was taken out when it broke back below 1030 while sound asleep. The fierceness of the reversal even surprised me...someone who loves sharp reversals at resistance LOL. Here's the overnight chart from Monday Night/Tuesday am home.comcast.net