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Yesterday, April Crude retested its prior pullback low at $52.90, which contained the minor selling pressure- and as you can see below- turned oil prices to the upside with power- enough to approach last Thurs. high at $53.20. My work argues for additional strength into new high ground that approches $59-$60/bbl. As for the e-SPH, notice that while oil was correcting, the index was creating yest.'s high, which has since morphed into a minor top to the upleg from last Wed.'s low at 1204- to 1229.75. Although I do not expect the e-SPH to break below 1215-1214 during THIS minor pullback, if oil should accelerate above $55.20 sooner rather than later, then the e-SPH might be considerably more vulnerable to a much nastier sell-off then I currently envision. MJP 03/08/05 11:35 AM ET ($54.60) (1222.50)

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