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Yes, the Q's did decline to new reaction lows, breaking last Thurs. low at 37.92 on the way to the intraday low at 37.82... HOWEVER, there has been no downside follow-through, which is a warning signal to the shorts that perhaps the Q's are sold out for the time being, and are in the very early stages of a recovery rally up to the 38.50 area. Let's keep in mind, though, that although the Q's have warned us about a potential recovery rally, the price ACTION has failed to confirm that such a rally is in progress... which will occur if the Q's can hurdle 38.15 for starters, and then the prior rally peak at 38.27. Barring a rally at least above 38.15, the Q's remain within the dominant micro downtrend that has developed off of Friday's recovery rally peak at 38.51. MJP 10/11/05 1:50 PM ET 37.98

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