Market Analysis for Jun 28th, 2005

After about 2 hours of trading, the Qs continue to recover off of yesterday's low at 36.70 -- for far to a high of 37.11 -- perhaps on the way to 37.20/.30 prior to my expectations of a downside pivot reversal that triggers the resumption of the stair-step downtrend off of the June 3 peak at 38.83. We will be patient for a while longer as we await an opportunity to re-enter new short positions.

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