A brief historical review of the tension between play and interpretation reveals that a technical and theoretical balance has been struck between play and interpretation in child analysis. An unusual child analytic session is presented in detail in an attempt to elucidate new directions. It was not a typical session but a summary session of the same sort as the "good," reconstructive, interpretive hour in adult analysis. Microanalysis of the session suggests that given the recent gains in ego psychology and object relation theory, further development in child analysis will involve a review of the developmental model for affects. The hypothesis that the dysphoric affect guilt occupies an early and central position in the functions of play and in psychic development is formulated.