We run into that shadow from 8/22 (1427) and were repelled, not harshly, and some forks could still have minor retrenchments and another two attempts at 1427 with a possible break, but these "forks" have low probability right now. Right now, I would wait to see how deep a retrenchment is and how it proceeds, before reconfirming my "bear suit" signal, but I agree with you completely, this run was extremely underwhelming, I expected at least 1.8 B in volume and a .70 or so equities P/C ratio. The VIX and VXN are kind of low for a major top, thus the topping process may take a little longer, if it does take longer, the Sox might yet achieve the 370 or do area, but once more, right here, I think that a correction is more likely than a continuation. As mlsoft like to say, I am no virgin at being wrong...
Zeev
