The Qs flatlined for most of the day yesterday with only 30million shares trading in the last 4 hours and over 7 million of that was in the last 15 minutes. Needless to say, the closing momemtum was very strong and we're seeing follow through this am. The TRIT, after opening at a whopping 7.85 has settled down to 1.20, in sync with the TRIN on the NYSE side. The Qs have just hit R1 (6:45 pst) and the option spreads on the August puts have just increased from 1 to 2 pennies, so this is show time for the Qs for this cycle. I'm picking up a few of the August OTM puts as a hedge against my otherwise long portfolio.