Interesting comment on Smart Money behavior in the last two weeks by Sentimentrader.com: "The "Smart Money Index" that subtracts the S&P 500's performance during the first half-hour of trading and adds the last hour has plummeted by over 20% during the past two weeks.  This shows a repeated pattern of buying during the early morning and selling in the afternoon.  Since at least 1998, the index has never suffered a decline like this over a two-week period.  The only time that volatility neared this kind of level was late 2007 / early 2008.  We're not reading that much into it, but generally a rapidly declining SMI when stocks are near a high leads to sub-par returns going forward."