3resplam - It is called distribution. Kiy can explain better. TRIN is critical to understand. Primary data point, but not perfect. APPL/GOOG up today, rest of market down today = TRIN elevated but not to extremes. Without aforementioned, I would expect TRIN would have floated above 1.3 today. Have to always measure against something else. TICK/TRIN is the formula I like.
This looks like distribution near a top. Blow it off next week, pick up those last few short positions and then start feeding the JBTFD crowd on the way down.
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