[mact3333]

what I said early last week was few days premature...I am short with small position now...downside target 1150-1175...then I see a push to 1250 to cap "this" rally...so down for now but then back up.

That rally on Friday was on very small volume and I wasnt falling for that trick...this means it was a short covering rally and also meant that significant buyers were not stepping up to the plate.

IMHO, Bernanke isnt going to announce QE3 until we are officially back in a recession and the SPX is down near 900.

for now the news to watch out for is europe...their piddly 400B bank fund isnt enough...soon enough they will have to come in with 2T I am guessing...this could cause a rally...perhaps within next wk or so???