farooq, Open interest on 40 calls is 395,393 contracts, close enough to 400K for my purposes. Someone opened about 120K to 200K of them in some large purchases a couple of weeks ago. I have never noticed anything like that in calls (I admit I may just have missed it if it happens.) I declare this rally over. Time to go down. See the trin and trinq. Why won't the market listen to me?! (gggg)