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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)
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