Friday’s phony spike should have trapped enough bulls to spark more than the feeble 12-point selloff that we saw.  That the downtrend didn’t even reach its ‘p’ midpoint is a reason for bears not to get their hopes too high about a major top being in. This should pose no problem for those who shorted Friday’s high on my advice, since, in an intraday update, I recommended taking partial profits at what turned out to be the intraday low.  Officially, and adjusted for partial gains realized thus far, we are short two contracts with an 1171.00 basis.   Use an 1153.75 stop-loss for one of them until 1144.00 it touched, switching to a five-point trailing stop thereafter. The other contract is to be held for a possible home run and stopped above Friday’s high, 1159.50. _______ UPDATE (3:00 p.m. EST):  On a sloppy, turgid, tediously trendless day, the futures have triggered a stop at 1146.25 off an 1141.25 low. Imputing the implied 13-point gain to the remaining single contract that we are still short will raise its cost basis to  1184.00. At current prices, that represents a paper gain of $1900.  ______ FURTHER UPDATE (3:04 p.m. EST):  Since the March contract expires this week, let’s roll the position, covering the March conract(s) while shorting the June contract(s) for a debit of up to 4.50 points.