Insider,
Not to sound like one of the sheep, but I am in agreement with your position. The long term trend is still down, but there will be spikes to the upside - as in any market. Today's action is a case in point. Although the inventory #'s were lighter than anticipated - there was no reason why it should have spiked this much - I'm sure that all kinds of stories will emerge - short covering etc...

I am waiting for the close - and will plot the 66 2/3 level of this baby to see if the trend is weakening - but I doubt it.

There's no rule that says that you can't make $$$$ both long and short the market - as long as you are cognizant of the longer term trend, whatever your time frame. It's 3:00 right now and I just saw a bounce off the daily high of 56.43. VERY tempted to add to my short - but I'll wait until the close. In my books - the closing price is THE most important price.

Best!