A flip is the transition from a prior (in this case positive) state, to its opposite (now negative) state.
Basically, it's the point in the market where you want to step back and wait until the forces of good and evil have battled it out and more sane explanations come into play.
Thorsten Roland Wegener spent 20 years trading equity derivatives and was a partner at Bear Stearns. Read his original column on Macro Hive here. It is used to explain (due to a lack of any sane explanation for current market behaviour) why the S&P seems stuck at practically all-time highs and what might happen if things turn bad. In fact, it is so hot that even TV pundits are elaborating on its potential advantages and dangers. But what exactly is it?
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