Here is an interesting little indicator that you may want to keep an eye on. It is a neat little signal generator for market timing (medium to long term -- not short term or intra-day trading). It is the difference between the 200 simple MA of the VIX and its current reading. As you would expect, the further the VIX gets stretched from its long term MA, the more extreme the emotion in the market. And as you would expect, the nearer the tipping point for the trend to end. Historically readings of -20 (or less...that is -20.50 or -21) are great signals of bottoms and readings of +6 (or more...that is +6.5 or +7.0) are great signals of tops. Some recent readings were +6.14 on Jan 14th 2003 marking the short term top in the Nasdaq. And Oct 7th and Oct 9th 2002 with -20.09 and -20.15 respectively marking the bottom for the Nasdaq. Of course, this is just an entry. You will have to have another means, either mechanical or otherwise, to implement a stop-loss, to monitor the trade, pare in or out and exit. As well, you can try other MA and see how it works out. I hope it can get your creative juices flowing and get you to try some new things Oh and by the way, it is currently pointing to a top.