Market Analysis for Jun 8th, 2005

Three hours after our prior chart update, amidst a wild ride in oil prices and a stronger dollar -- and the Qs hardly have moved. They remain stuck in a range between 38 and 37.75 in what looks to me like a sideways, but bearish, continuation period ahead of another thrust to the downside. Of course, Mr. Greenspan just may have something to say (doesn't he always) about the next direction of the Qs ... but my work points lower -- for a test of the April 29th support line at in the vicinity of 37.50.

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