According to the option buyers, there is much more fear of missing an upside explosion than being caught in a downward maelstrom. It has been this way for the last 100 Naz points though, thus you got to take your hat off to Mosis calling the last surge right... (g). Even during the first hour swoon down yesterday, the epc never got above .5..... Other lack of fear indicators are plenty (you name it VIX, VXN, VXO. For the first time this year we saw the NYSE trin really go one sided, getting above 3, but nothing that would indicate a major reversal of a down trend yet.) For now I will assume that the bear suit put on thursday, should be kept on for at least a 100 Naz points swoon from the top, and probably a little more and under 2000. Since it is the "first shot" over the bow, I think this will be contained as suggested by 1955. It is actually "counter intuitive" to take this stand, since next week with are going to have a torrent of earnings coming in. Big surprises on the upside could surely wreck havoc with this current map (g).
