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.


Since last eve's spike new high at 39.25, the Q's have tested and held 38.90 twice, and just this hour, rallied up to 39.19 before stalling and pulling back a touch to 39.10. What does that tell us? That unless 38.90 breaks, the bulls remain very much in control of market direction, and that the pattern that is emerging during the past several hours represents another high-level, consolidation-rest period ahead of a thrust to the upside towards higher targets near 40.00. Although the overall hourly technical picture argues against a sustained pop to new highs in the next hour or two, inability of the bears to press the Q's below 38.90 increases the likelihood of a last hour short covering rally ahead of eBay's earnings due after tonight's close.

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.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!