NMAC BETWEEN SMA AND SMA; ONE LEVEL; ONE CLIMBING.

Narrative

I WAS JUST LEVELING OFF FOR CRUISE WHEN WE SAW ACFT XING FROM OUR RIGHT TO LEFT IN OUR PATH. IT WAS A LOW WING ACFT IN A CLB AND WHEN WE SAW IT; IT WAS AT OUR 1 O'CLOCK POS WITHIN APPROX 150' AT APPROX THE SAME ALT. I BANKED SHARPLY TO THE RIGHT AND DOVE AND THE OTHER ACFT AN INSTANT LATER BANKED TO THEIR RIGHT (AWAY FROM US) AND CLBED. FROM THEIR ACTIONS; I BELIEVE THEY DID NOT SEE US UNTIL AN INSTANT AFTER WE STARTED OUR BANK TO AVOID THEM. I HAD JUST CLOSED THE COWL FLAPS AND HAD LOOKED UP AND OUTSIDE WHEN MY PAX SHOUTED AT THE SAME TIME THAT I SAW THEM. WE HAD BEEN EXERCISING EXTREME VIGILANCE IN OUR SCANNING FOR ACFT; AND DON'T KNOW WHAT ELSE WE COULD HAVE DONE. I HAD BEEN DOING SHALLOW S-TURNS DURING THE STEEPER PART OF OUR CLB; BUT HAD ALREADY STARTED LEVELING OUT; BUT HAD NOT COMPLETED IT. WE WERE INDICATING ABOUT 100 KTS AIRSPD. POSSIBLE CONTRIBUTING FACTORS: BOTH ACFT IN A CLB. AT THE POINT WHERE I WOULD HAVE LIKED TO HAVE SEEN THEM A FEW MINS EARLIER; WE WERE BOTH PROBABLY BELOW THE HORIZON. IN THE TAHOE BASIN; THERE ARE MANY BRIGHT REFLECTIONS FROM OBJECTS ON THE GND AND ON THE LAKE. THE LAKE ALSO IS VERY BRIGHT AND REFLECTIVE. IN RELATION TO THESE DISTRACTING REFLECTIONS; WE MIGHT NOT HAVE BEEN AS OBVIOUS TO EACH OTHER. ALSO; THE OTHER ACFT WAS HDG INTO THE SUN; WHICH MIGHT HAVE BEEN WHY THEY DIDN'T SEE US UNTIL WE BANKED. WE HAD OUR ANTICOLLISION STROBE OPERATING. IT IS THE BRIGHT; WHITE TYPE; NOT THE RED ROTATING BEACON TYPE. IT IS LOCATED ON THE BELLY OF OUR ACFT. THE HIGH WING OF OUR ACFT AND LOW WING OF THEIR ACFT MAY HAVE BEEN A FACTOR.