Market Analysis for Jun 9th, 2005

With 2 hours remaining in today's session, the Q's are poised to hurdle key resistance at 38.00, which will mean that the former "neckline" of the recent Head & Shoulders pattern will have been hurdled- a signal that the toppy pattern no longer is valid. Furthermore, such upside action in the Q's comes AFTER the bears tried but FAILED to press the stock beneath the April 29th trendline in the 37.58 area. This AM's low at 37.49 definitely pierced below the trend- line, but the bears showed no ability to follow-through on the downside. Since then, the bulls have re-taken control of micro direction. Further strength that hurdles the intraday high at 38.06 should trigger upside acceleration to 38.50- the area of the former "Right Shoulder." At this juncture, only a decline that breaks this AM's low at 37.49 will reinstate the bearish scenario for a run at 37.20, and then 36.60. MJP 06/09/05 1:55 PM ET....37.85

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