Market Analysis for Jun 30th, 2005

A few minutes ago the Qs marginally broke below yesterday's PM low of 36.97, but thus far there has been no downside follow-through into my preferred micro target zone of 36.85/80. That said, however, my micro technical work argues for more pressure in the upcoming hour(s), just ahead of the FOMC announcement. If that proves to be the case, then we should be able to exit our short position at 36.83. At this juncture, only a rally above 37.21 will neutralize my still negative micro term outlook.

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