DOW - Déjà vu of December 08?

Today the stock market veered toward south and gave back almost all of yesterday's gain, as the bond market fell apart after the 5-year note auction (see my post here).

I am starting to get the familiar, bad feeling: Is this the déjà vu of December 08 into early January 09, when the market then finally decided to go down in earnest and culminated (for now) in March 6 low?

So here are two Dow Jones Industrial Average daily charts. The top one is the current chart from April 14 to May 27. The bottom one is from November 26, 2008 to January 9, 2009. Although the current chart clearly shows more strength in coming off the low and staying above the April 17 high, one thing concerns me. Dow keeps hitting the 8,500 mark, and keeps retreating. It has done three times. It managed to close the day above 8,500 only one day (May 8). Back in November-January time, as the bottom chart shows, it kept hitting 9,000 mark, also three times. After the final try, the market lost almost all traction and went south.

Is the same thing happening? Permabears will say yes in bold capital letters. Permabulls will probably say "3rd time luck". I'm watching to see which way it breaks, even though the sentiment is turning undeniably sour (and we will have a problematic 7-year Treasury note auction tomorrow).

I still don't think the market has suckered in enough people yet, but it will do whatever it wants to do, regardless of what I, or anyone thinks. Despite the seeming market strength, I don't get the warm and fuzzy feeling of December this time.