Market Analysis for Aug 27th, 2004
For today's Mid-Day Minute, Mike writes: The QQQs popped to a marginal new high earlier this AM at 34.68 before pulling back to the 34.60/.55 area. Although we will not get initial sell signals unless the Qs break and sustain below 34.50, my micro work indicates that the Qs are VERY, very close to a significant peak. If we were long, we would be getting out of harm's way at this point, expecting a corrective sequence that presses the Qs to 34.20 initially, on the way to the 33.80 support area thereafter.
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