Market Analysis for May 5th, 2005
For today's Mid-Day Minute, Mike writes:
Standard and Poors put the kabash on the equity
indices about 30 minutes ago with its surprising
(in timing only) downgrade of both GM and Ford,
which has pressed the Qs from 35.92 to 35.58.
Although this decline fits into the scenario my
work mapped-out this AM, right now the underlying
technicals are pointing still lower- towards a probe
of or perhaps a breach of critical micro support at
35.40. A sustained break of 35.40 will neutralize my
current scenario, which argues that after this pull-
back, the Qs should rocket to new recovery highs
at 36.00-36.10. Let's watch for a while longer before
determining if a long position is warranted ahead of
tomorrow's Employment Report. MJP 05/05/05 1:25 PM ET 35.55
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