hey michael. you can only beat your head against a wall so many times before one or the other gives way. personally, i agree with you. and personally, my own solution has been: if the market doesn't make sense, then step aside until it does. i don't mind missing all this froth because, frankly, i don't trust it. and the short positions i'm still holding, hedged, are just there, not going anywhere. actually one (pmcs) has been going nowhere fast.