--- /usr/lib/python2.6/traceback.py	2009-09-23 19:49:17.000000000 -0500
+++ /home/matt/tmp/traceback.py	2009-09-21 17:09:49.590440613 -0500
@@ -190,11 +190,10 @@
         if badline is not None:
             lines.append('    %s\n' % badline.strip())
             if offset is not None:
-                caretspace = badline[:offset].lstrip()
+                caretspace = badline[:offset-1].lstrip()
                 # non-space whitespace (likes tabs) must be kept for alignment
                 caretspace = ((c.isspace() and c or ' ') for c in caretspace)
-                # only three spaces to account for offset1 == pos 0
-                lines.append('   %s^\n' % ''.join(caretspace))
+                lines.append('    %s^\n' % ''.join(caretspace))
             value = msg
 
     lines.append(_format_final_exc_line(stype, value))