UPS Equipment, and even Battery Back-up Emergency Ballasts will cause most Probe-Type Circuit Tracers to react as Airborne-Ed has described (pick up tone + hot signal on several Breakers).
Although similar results were experienced (using the Amprobe 300/900 tracer - circa 1996 and still going strong!), I never experienced the scenario which Ed encountered - Hot Signal on several Breakers, no signal at the Breaker of the traced Circuit.
I always got a Hot - Distorted signal at 3 separate Breakers, along with the Breaker of the traced Circuit.
Careful observations of tone quality + indicator lamp flash rates, while "sweeping" the probe across devices + wires in separate directions, resulted in finding the correct Breakers 100% of the time for me.
I would suggest to probe the wires themselves (at the Breaker's Terminal), when experiencing this type of distorted signal reception.
Trim the sensitivity down, and/or up, while verifying correct circuit.
BTW: Be sure to hold the probe (receiver) away from the Panelboard _BEFORE_ turning it on.
Hold it about 2'-3' away (like right next to your body), press and hold the "On" Button, then begin tracing.
If Settings &/or Sensitivity levels need to be changed, turn off the probe first, make the required setting changes, then begin tracing as described above (away from the Panelboard).
I haven't really used the Greenlee Tracing kits very much - have used the Amprobe / Pascar kits extensively.
With the Greenlee kits I used, they responded very much similar to the way the Amprobes did, when tracing out a distorted signal.
Only major differences were the lack of multiple selection/sensitivity points, and verification was much more subtle, as compared to the Amprobes.
Scott