That is true, but more often than not, retrenchment from such unidirectional sentiment are sharp (I think that only 5 of the 500 S&P components were not up yesterday, quite a lopsided result. Jim's oscillator must have printed a new recovery high if not an all time high. Price follow for a little while, but then reality sets in. By the way, I an not heavily short (a little QID and bop on AAPL, that is all...), I am just not heavily exposed t the long side (with about 70% or so cash on hand).