Z: Re: "I still think that shorting here is to try and catch a top." But the greater risk is holding long here and gaming the top and failing to recognize it and thus end up holding the bag. Re: "in manias" I don't see that here so far. Re: " I am sticking by my scenario of a relatively mild retrench, I don't know wherefrom." With all due respect, I don't see much left of your orignal scenario to stick by at this juncture.