monday trading, page-28

On Friday the Dow sold off which is not something it did on Tuesday. Tuesday was a bit of a non event really. The S&P index came back up to 1150 (5/8) and double topped on Thursday. The first time at 5/8 it missed by inside a point but the second time the target was hit. Then, with the Friday sell off, the S&P came down to Tuesday's low and bounced, which could be the higher double bottom that has me cautious on the short side. If it's a HDB then the futures should be showing it well before the open tomorrow night imo. Now the Dow sell off on Friday (100 points as opposed to 34 points on Tuesday) adds a bit to the bear arguement. So far, the SPX has been held down by 38.2 retrace of the move down from the Thursday high (which was a marginally lower high for SPX but marginally higher high for the cash index). I'm short here again (scalping) but if with a very tight stop just below 50%. The rally today has retraced to just below 38.2% of the move up and now seems to be struggling to get going again. Nothing ventured....