Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.
See our own Mike Paulenoff's article, "S&P 500 Out of Steam?" today on CBSMARKETWATCH. Go to CBSMarketWatch.com and click on Newsletters & Research and then Guru's Corner.
For today's Mid-Day Minute, Mike writes: As we head into the afternoon session, let's notice that today represents (potentially) the third consecutive up-day off of last Wed.'s low at 1168.75. Let's be aware that as of this moment, the E-mini S&P is above last week's low by about 11 points, which to my mind, is not a very impressive performace in the aftermath of a 65 point, 3-week decline- from a supposedly very oversold condition. Now maybe the index will rocket later today- into the 1190 area- which will make this recovery a bit more impressive. But for the time being, if I were a bull, I would be thinking that this rally is lacking umph- and at some point, will reverse sharply to continue the dominant March downtrend. MJP 03/28/05 1:00 PM ET (1180.50)
For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary. Or try his QQQ Trading Diary.