Market Analysis for Jul 12th, 2005

The Bottom Line: Unless and until the Q's break below a prior significant pivot (micro) low-- like 38.01-- the bulls will retain control of market direction (up). Although the underlying oscillators are just about screaming that the longs should be very careful above 38.00, and oil prices are up near $61/bb again, the fact remains that the sellers have disappeared-- and likely will remain invisible until 38.01 is broken. In the meantime, we will remain short, but risking only 38.32 in the hopes of "riding out" the final hour(s) of the near-vertical upmove off of last Thurs. terrorist attack. MJP 07/12/05 11:40 AM ET 38.11

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