Market Analysis for Sep 22nd, 2005
Heading into the final 35-40 minutes of trading,
the e-SPZ is holding near its intraday high at
1222.75, but will it finish the session "up there?"
Or will it give up ahead of the overnight session-
replete with the uncertainties of the path and strength
of RITA? Although my work pointed to a recovery rally
that COULD climb to 1224-1225, I would not be surprised
to see the intraday bulls cash in their chips ahead of
the futures close. After all, the risks of a Katrina-like
devastation and fallout in the energy sector still remain
a high probability. Purely from a technical perspective,
a break below 1217 will argue that the upmove is kaput.
MJP 09/22/05 3:35 PM ET 1221.00/25
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