Market Analysis for Jul 12th, 2005
The Bottom Line: Unless and until the Q's break below a prior
significant pivot (micro) low-- like 38.01-- the bulls will retain
control of market direction (up). Although the underlying oscillators
are just about screaming that the longs should be very careful above
38.00, and oil prices are up near $61/bb again, the fact remains
that the sellers have disappeared-- and likely will remain
invisible until 38.01 is broken. In the meantime, we will remain
short, but risking only 38.32 in the hopes of "riding out" the final hour(s)
of the near-vertical upmove off of last Thurs. terrorist attack.
MJP 07/12/05 11:40 AM ET 38.11
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