How did I miss this yesterday? I saw the hard bounce off resistance yesterday but did not want to get short until there was confirmation of the down move (previous post). After doing some homework this morning I noticed the formation of these double-top has been followed by hard sell-offs. In the chart below we see the rallies from Societe General lows (1), Bear Stearns lows (2), then Fannie/Freddie bailout lows (3). Each sell-off has brought us at least to the previous low, or beyond. I can only assume the same will happen this time. I’ll be looking to enter SKF this morning, and also be looking at the DOW 30 ultrashort.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
August 8, 2008 at 9:49 am
Just entered SKF at 121.50. I think the higher open in the DOW is temporary and we will see a sell-off through the rest of the day.