We haven't had a panic crash though, we've had orderly selling. The PPT's job is to protect against systemic risk or shocks. Like digital runs on the banks. I've been expecting action from them these last two weeks and have been wrong. The CBOE Put/Call Ratio is near 1.0, which could be a factor: http://stockcharts.com/h-sc/ui?s=$CPC&p=D&b=5&g...

Something else I noticed before the last push was massive volume on index ETFs a few days prior, but the indexes did not move an inch. That tells me there was massive capital moving in dark pools buying up those indexes. I'll do some more work on this and post my findings.

I think we will not see a PPT push until one of the major players like C/BAC/GM/Whatever are within a few hours of insolvency. However, every time the market makes a new low and the VIX is high the probability of a PPT Day goes up. Only the Fed Repo desk knows. The rest of us just have to wait and react.