Market Analysis for Aug 5th, 2004

For today's Mid-Day Minute, Mike writes: The QQQs have plunged from this morning's higher opening at 34.35 to 33.88, as they sliced marginally below the 7/26 support line at 34. Thus far, the inability of the QQQs to plunge towards a test of last week's lows at 33.80/.70 indicates to us that we should give the benefit of the doubt to the 33.90 level as the next minor support coordinate of the enclosed hourly chart pattern. At least into tomorrow's Employment Report. As the afternoon hours unfold, we will have to reevaluate the pattern to determine if we MUST have a short position heading into tomorrow morning's data. For now, we will stand aside, profits in hand.

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