Market Analysis for Feb 13th, 2003

The QQQs are very oversold on an intraday basis, a condition which certainly will support a rally effort of some magnitude. A climb above 23.50 that sustains, should trigger addtional strength into the 23.70 intraday resistance area. Inability of the Qs to claw their way above 23.50 or to sustain a rally into the close (23.70) will strike us as a very negative development, and likely will attract potent session-end selling pressure.