Notice the after hours blood letting going on in DIA, IWM etc. These AH bailouts are happening more and more often. Maybe a clue to Monday's open. In fact, I just got off a short put against my short IWM common thanks to AH. I thought the options exchanges had stopped that extra 10 minutes at end of day.
the BITS system also works in reverse, the futures-so-bright-we-need-shades strategy. when euphoria is out of control, buy puts. i did that a few months back and made a fast 500 bucks on GS. right after earnings, the guys on the message boards were talking that it was going to 200 without stopping. Somewhere in the high 150's i got puts, waited two weeks, it dove to the 140s and i sold 'em out.
unrestrained euphoria doesn't last either. reality, one way or the other, always sets in.